You are here: cherry > Press releases for August 2011 > Aldermore increases loan size & removes minimum income on BTL range

30 August 2011

New British bank Aldermore has further enhanced its buy to let range of mortgage products, by making the following changes to its product criteria: �Maximum loan size increased to �1 million up to 65% LTV �Removal of requirement for minimum income of �25,000 for experienced landlords Rental coverage remains at 125% of the pay or revert rate (whichever is the higher) and earned income will continue to be verified to confirm the applicant�s ability to withstand future interest rate changes and rental voids. Loans will still be available up to 75%, to a maximum of �600,000, the maximum age for borrowers has recently been increased to 85 and Aldermore now accepts applications from first time landlords. The changes apply to all buy-to-let products with immediate effect. Charles Haresnape, Managing Director of Residential Mortgages at Aldermore, said: �These changes make what is already a competitive product range even more appealing. Earlier this month we launched a summer special 2 year fixed rate of just 4.18%, which is available up to 75% LTV and we�re also offering further fixed, discounted and variable rate deals. The combination of attractive rates and accommodating criteria give brokers and their clients even greater choice.� Aldermore markets its residential mortgages exclusively via regulated intermediaries and, unlike most other lenders, decision-making is not dependent on credit scoring but is based on sensible underwriting rules and criteria applied by experienced staff. Full information about Aldermore�s products including rates, criteria and a downloadable product guide, are available at: www.aldermore-mortgages.co.uk or brokers can contact Aldermore on 0333 3211000.

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