Aldermore launches pay rate buy-to-let remortgage product
Aldermore has launched a limited edition remortgage rate for buy-to-let landlords.
To provide larger mortgage loans, the specialist provider will use the pay rate to work out how much it will lend, rather than a higher notional rate.
The bank is offering its lowest ever five-year fixed rate at 3.99%. After the fixed period the mortgage will revert to the lender’s standard variable rate, which is currently 4.98%. The overall cost for comparison is 5.8% APR.
Aldermore’s borrowers will need a 20% deposit to qualify. There are no legal fees to switch lenders but there is a 1.5% arrangement fee. The maximum loan size is £1 million.
This mortgage is useful for many landlords in London and the south-east especially if they are struggling to remortgage or release equity to buy more properties. You can access this rate if you have one or two properties, or a large and complex portfolio.
Charles Haresnape, group managing director of mortgages at Aldermore, says: “With a buoyant market, and rate rises expected in the not too distant future, there has never been a better time to take advantage of historic low-interest rates, and our new limited edition offering is available on a first come first served basis.
“With a high level of consumer demand Aldermore always looks for ways to support its customers and we’re pleased to be able to launch our lowest ever five-year fixed rate buy-to-let mortgage product.”
For help to remortgage your buy-to-let property, call Trinity on 020 7016 0790.
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