It’s still a challenging time for all of us but the good news is that the mortgage market is starting to show signs of recovery. Over the last few months we’ve been focusing on helping our most in need customers. Now that we’re seeing more of a demand for new business across our mortgage range, it’s having an impact on the service that we’re able to offer you right now. To help make the application process run smoothly for residential and buy to let mortgages, we've provided some guidance below.

Packaging a case

To speed up our ability to issue a mortgage offer to your client, you’ll need to upload all required documentation straightaway so the underwriter can review this as part of the application assessment.

If there are outstanding checklist items, this is likely to result in further delay and it is essential that you supply these prior to the valuation report date.

Specialist buy to let applications submitted through the Commercial portal will not be passed to an underwriter unless they meet all of our submission requirements.

Read submission guides.

  Applications

We’re assessing applications and all other documentation within 8 working days if we have everything we need from you. You can check the status of your case in the broker portal at any time. 

Valuations         

Physical valuations have now re-commenced across England, Scotland and Wales where they meet the strict safety requirements.

It’s taking longer than normal to get hold of your client or agent to book in a valuation.

As soon as the valuation assessment is back, we’ll be touch with you to discuss the outcome of the report.

Getting in touch

Our broker enquiry line is really busy with wait times up to an hour. If you are able to avoid our busiest periods between 12pm and 2pm and after 5pm daily, you shouldn't need to wait as long. You can also email us at mortgage.sales@aldermore.co.uk and we'll get back to you within 24 hours. 

For more information please read our Broker Q&As.

We wanted to share some of the latest improvements we've made to our commercial portal. For the types of business you can submit via our commercial portal view our buy to let and commercial guides.
 
These improvements should make it easier for you to do business with us.

• We’ve increased the number of properties that can be keyed on a single application from 16 to 30 - saving you admin time and letting us process it more quickly.
• Our commercial portal will now capture mortgage terms in years and months - making it easier for you when processing applications.
• For buy to let properties valued up to £1m, we'll now be collecting a valuation fee at the same time as you submit an application. This does not apply to commercial loans.

If you have any further questions, please get in touch with your local contact who’d be happy to help.

 Following Government instruction in March, all physical mortgage valuations were put on hold.

Now with updated Government guidance, we’re able to resume physical mortgage valuations for properties where social distancing can be maintained. Physical mortgage valuations in England can now be booked for residential properties which meet the safety requirements. 

The safety of surveyors and occupants must be maintained at all times and there are clear guidelines on how to carry out safe valuations. If these safety standards are not met, the valuation will be stopped and cancelled. Customers will not be refunded if the valuer has started their inspection.

Valuation booking process:

• Upon our surveyors making contact, a series of questions and checks will be undertaken during the booking process to ensure the property and occupants are suitable
• If any occupant is unwell, shielding, vulnerable or not happy to adhere to social distancing requirements the valuation will not be booked

Surveyor requirements:

Upon arrival, the surveyor will need to complete a number of checks to ensure social distancing can be maintained before they go ahead with the valuation.

The occupiers will be asked to:

• Open all internal doors pre inspection
• Maximise property ventilation during inspection
• Control or remove pets
• Adhere to a mutual 2 metres social distancing

Unacceptable properties:

• Physical mortgage valuations are still not currently possible in Scotland and Wales due to social distancing restrictions
• Properties where the occupants refuse to adhere to social distancing requirements

For more information on these mortgage valuation changes, please click here 
 
For full details on our current mortgage range, see our residential guide.

This applies to only England at the moment, we'll update you on any changes to valuations in Scotland and Wales when we have more information. However in the meantime, desktop valuations will continue to be undertaken in these areas where criteria is met, for full details see our broker Q&A's.

Following our 3 month review LIBOR has been re set at 0.30% (decreased from 0.80%).

This means that LIBOR linked rates on our commercial mortgage range, which includes term variable rates and reversion rates on fixed products,  and on our buy to let range for companies, have been decreased by 0.50%. 

We will write to all existing customers impacted to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 August 2020.

Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates.

In response to the Bank of England base rate changes on 11 and 19 March 2020, we’ve decreased the Aldermore Managed Rate (AMR) by 0.65% from 5.23% to 4.58% effective from 1 May 2020.

Following the recent changes to our valuation process, we’ve made the decision to streamline our mortgage range from today, Friday 3 April, 2020.

Here’s a summary of our new residential mortgage range:

Standard mortgage range Level 1:

• 2 year fixed up to 75% LTV at 3.18%
• 5 year fixed up to 75% LTV at 3.38%
• 2 year fixed up to 80% LTV at 3.48%
• 5 year fixed up to 80% LTV at 3.68%

High LTV mortgage range Level 1

• 2 year fixed 85% LTV at 4.08%
• 5 year fixed 85% LTV at 4.28%

For more information on our full range view our residential and buy to let mortgages guides.

We're making changes to our residential and buy to let mortgages from tomorrow, Friday 03 April.

Following the recent changes made to our valuation process, we’ve taken the decision to streamline our mortgage range so we can continue to process new applications and support our existing customers.

The following product lines will no longer be available from Friday 03 April:

Residential

• Standard mortgage range Level 2 and 3
• Help to Buy: equity loan and London Help to Buy: scheme Levels 1-3
• 3 year fixed rate products
• Term variable products
• Fee free products
• 90% and 95% LTV products

Buy to let 

• 5 year fixed Limited Edition range
• 80% LTV products
• HMO and multi unit freehold products up to 6 bedrooms/units*

We’ll still process any pipeline applications as usual and our deadline for new applications is 6pm today, Thursday 02 April.

In addition to the changes above, we will temporarily cease accepting both residential and buy to let applications which include capital raising. Any new or existing DIPs not converted to FMA by 6pm this evening will be underwritten under the updated policy.

Our mortgage guides will be updated with the changes on Friday 03 April.  

Following government announcements on 23 March physical mortgage valuations have now been placed on hold.

Surveyors will no longer visit properties to complete mortgage valuations. So we’re replacing physical valuations with remote valuations to help support our customer applications.

Eligibility criteria - remote valuations will be requested on applications that meet the following criteria:

• Owner occupied properties, purchase or remortgage up to 85% maximum LTV
• Buy to let properties, purchase or remortgage up to 75% maximum LTV
• Inside the M25 up to £1m
• Outside the M25 up to £750,000

Exclusions - remote valuations will not be requested on the below applications:

• Any application that doesn’t meet the above criteria will be placed on hold
• Properties adjacent to commercial premises
• Properties in poor/derelict condition
• New Build properties
• HMO/MUF properties
• Properties with more than 2.5 acres
• Leasehold properties with less than 100 years remaining
• Portfolio applications with more than 5 properties in the same block or postcode area

New applications

Applications submitted that meet our criteria will be eligible for a remote valuation. When an application has been submitted we’ll assess and if it meets our criteria we’ll undertake a remote valuation.

If an application is submitted doesn’t meet criteria we’ll let you know and the valuation will be placed on hold.

Pipeline applications

Applications already submitted and awaiting a valuation will be reviewed to identify those eligible.

If the application meets criteria then a remote valuation will be completed. If the application doesn’t meet criteria then the valuation will be placed on hold.

In response to the Bank of England base rate changes on 11 and 19 March 2020, we’re decreasing the Aldermore Managed Rate (AMR) by 0.65% from 5.23% to 4.58%. We’ll be contacting all impacted customers to let them know how this affects their future mortgage payments. We’ll also let our broker network know about these changes.

The Bank of England has made the decision to further decrease the base rate from 0.25% to 0.10%. Following this announcement, we’re reviewing our variable rate mortgages and savings products. Once we’ve made a decision, we’ll update customers and intermediaries on any changes.

We’re reviewing our variable rate mortgages and savings products following the Bank of England’s decision to decrease base rate from 0.75% to 0.25%. Once a decision has been made, we’ll update customers on any changes.

 We’ve changed our rates for buy to let at 80% LTV:

• 2 year fixed rate 3.88%
• 5 year fixed rate 4.28%

View our Product Switch guide for our full range of rates for existing customers.

With effective from 7 November, we’ve introduced a new 5 year fixed remortgage product for your individual and company clients with single residential investment properties.

Up to 75% loan to value (LTV), 3.68% with a  £1,999 product fee.

Plus, there’s no valuation or funds transfer fees and assisted legal fees are available.
So, for clients who want to grow their portfolio this may be a great option and our specialist buy to let team can handle even the most complex cases.

View product guide

We've reduced our rates on our Company BTL remortgage and Company Multi Property purchase and remortgage products, giving your clients even better value if they're looking to expand their portfolio.

Company BTL remortgage only - reduced by 0.3%:

• 75% loan-to-value (LTV), 5 year fixed rate 3.98%
• 80% loan-to-value (LTV), 5 year fixed rate 4.58%

No product, valuation or funds transfer fee

Company BTL Multi Property purchase and remortgage - reduced by 0.3%:

• Up to 75% loan-to-value (LTV), 5 year fixed initial rate 3.78%
• Up to 80% loan-to-value (LTV), 5 year fixed initial rate 4.38%

No product, valuation or funds transfer fee for remortgage applications

No product fee for purchase applications. Valuation fees will apply
Assisted legal fees are available on all remortgages for companies with single residential investment properties.

You can view our latest rates here

We’ve made some changes to our high loan to value rates today.

Our new rates are:

• 90% loan to value (LTV) from 4.68%
• 95% loan to value (LTV) from 4.98%

As a reminder here’s some of the great reasons to use us for your mortgage clients:

• 5.5 LTI ratio: for individuals or joint applicants with a total allowable income of at least £50,000
• Longer Terms: we’ll lend for up to 40 years
• Defaults: we ignore all communication defaults

Take a look at our Residential product guide to see our full range.

You can use our Residential affordability calculator to check how much your client could borrow with us.

Following a 3 month review LIBOR has been set at 0.80% (decreased from 0.85%).

This means LIBOR linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let Mortgages (for companies and multi-unit freehold/HMO properties) have been decreased by 0.05%.

We will write to all existing customers impacted to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 November 2019.

Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates, or log in below to submit business.

Following our 3 month review LIBOR has been set at 0.85% (decreased from 0.90%).

This means LIBOR linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let Mortgages (for companies and multi-unit freehold/HMO properties) have been decreased by 0.05%.

We will write to all existing customers impacted to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 August 2019.

Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates.

When it comes to purchasing land and property for development we know how important cash flow is to your clients. That’s why, as part of our drive to continually support SME housebuilders and developers, we’ve launched VAT Loans – reducing the day one cash flow burden for eligible customers taking out a new Aldermore Development Finance facility.

• VAT Loans are available with immediate effect on purchases of land and property elected for VAT in conjunction with a new Aldermore Property Development Finance facility
• Loan term of 4 months

Speak to a member of our Property Development team for further details. Eligibility criteria and terms apply.

We're changing our policy on Minimum Energy Efficiency Standards

We wanted to let you know that from today Monday 24th June 2019, we have made some important changes to our policy relating to energy efficiency rules for new tenancies on buy to let properties in England and Wales.

In 2018 Minimum Energy Efficiency Standards (MEES) were introduced which made it unlawful to agree new tenancies on properties which do not meet the prescribed energy efficiency ratings.

All residential BTL securities will need to have an Energy Performance Certificate (EPC) of E or higher, unless a valid exemption applies.

We will now retain £2,000 for each buy to let property that falls into any of the below categories;

• Has an EPC of F/G
• Cannot provide evidence to confirm exemption
• Does not confirm what the EPC is

The retained amount of £2,000 will be held for a period of 6 months for existing customers, until the borrower provides a valid EPC or exemption certificate. If your client provides the EPC certificate at the pre-offer/application stage no money will be retained at completion.

Exemptions may include listed buildings and generally older properties.

Our Buy-to-let submission guide and Full Lending Criteria have been updated today to reflect the changes. These will help you make sure you have everything needed when submitting your client’s application with us. 

If you need help with a specific case get in touch with your BDM.

When it comes to purchasing commercial property we know how important cash flow is. That’s why, as part of our drive to continually support SMEs, we offer VAT Loans for commercial property – reducing the day one cash flow burden for customers taking out a new Aldermore Commercial Mortgage. 

• VAT Loans are available on purchases of property elected for VAT in conjunction with a new Aldermore Commercial Mortgage
• VAT Loans available for 100% of the VAT due
• Loan term of 4 months

Speak to a member of our Commercial Mortgage team for further details. Eligibility criteria and terms apply.

For the best experience on our website and portal please make sure you are using the latest version of your internet browser. Please note our website isn’t compatible with Internet Explorer 7.

Big changes: our residential range update
This week our residential mortgage range sees some big changes - which will help you offer our products to more of your clients.

We can lend more...

• A Higher LTI ratio: we've increased our loan to income ratio to 5.5 for individuals or joint applicants with a total allowable income of at least £50,000 (or up to 4.5 with the Help to Buy Equity Loan scheme).
• Higher loan amounts: we'll now lend £1m to 80% LTV, and £500,000 to 95% LTV
• Higher LTV limits: we've increased the maximum LTV on our level 3 tier to 80%
• Longer terms: we'll now lend for up to 40 years

...on a wider range of properties

We'll now lend on:

• Studio flats over 30 sqm
• Properties with more land: we've removed our maximum acreage rule
• Flat roof properties: 100% flat roof now allowed
  All subject to valuer's confirmation of marketability
  
  New products and rate changes
  
  We're revising rates on our existing products, and adding:

• 85% LTV purchase-only product
• 3 year fixed 85%, 90% & 95% purchase or remortgage-only products

You can see the full details, including our updated product guide and lending criteria . Alternatively get in touch with your BDM.

We've made it easier for your clients to re-mortgage with some new enhancements to our conveyancing for company landlords:

Company landlords

• Assisted Legal Fees are now available on remortgages – for single residential investment properties already registered in the Company name through our nominated We'll cover the cost of the legal work needed to move the mortgage to Aldermore, including property related disbursements (e.g Land Registry fees) and VAT*.
• Independent Legal Advice via video call – is now available for guarantors where they choose to be represented by Aldermore’s nominated conveyancer, subject to the guarantor(s) being directors or shareholders of the Company. Guarantors can choose to get advice face-to-face in person if they prefer, or make alternative arrangements via a conveyancer of their choice.

*Guarantors will be required to have Independent Legal Advice before signing a personal guarantee, which can be obtained for a fee of £200 (for each guarantor) either via video call or face to face in person where the guarantor(s) are directors or shareholders of the Company and choose to be represented by Aldermore’s nominated conveyancer. ILA will be provided by a different Solicitor within Aldermore’s nominated conveyancer and will be subject to there being no conflict of interest.

Residential owner-occupied and Buy-to-let for Individual landlords

• Free legal fees on remortgages - continue to be available through our nominated conveyancer.  We'll pay for the cost of the legal work to move the mortgage to us. Costs for any additional legal work need to be paid for by your client.

For more information, please view our Buy-to-let and residential legal fee scales or get in touch with your Relationship Manager today.

With effect from today (25.03.19), we've launched some new Buy-to-let products for company landlords with single residential units:

Remortgage only

• 4.28%, 5 year fixed rate up to 75% LTV
• 4.88%, 5 year fixed rate up to 80% LTV

Multi Property Purchase and Remortgage

• 4.08%, 5 year fixed rate up to 75% LTV
• 4.68%, 5 year fixed rate up to 80% LTV  

For remortgage applications, no product, valuation or fund transfer fees.
For purchase applications, no product fee. Valuation fees apply. Company landlord applicants will be responsible for the total legal cost required to undertake the mortgage transaction.

For further information view our Buy-to-let product guide.

As part of our commitment to the intermediary market we aim to provide you with as much notice as we can about product withdrawals.

We will be withdrawing the following Buy-to-let products for company landlords with single residential units:

Remortgage only

• 3.98%, 5 year fixed rate up to 75% LTV
• 4.58%, 5 year fixed rate up to 80% LTV

Multi Property Purchase and Remortgage

• 3.78%, 5 year fixed rate up to 75% LTV
• 4.38%, 5 year fixed rate up to 80% LTV  

To secure one of these rates for your clients, please ensure that you have submitted a Decision In Principle (DIP) by 6pm on Friday 22 March.

Our refreshed Buy-to-let range for company landlords will be communicated to you on Monday 25 March.

For more information, please view our Buy-to-let product guide.

With Buy-to-let remortgage up 25% year on year (December 2018*) we want to help support more of your landlord clients with their portfolio needs. We offer a discount for landlords bringing multiple applications at the same time or existing customers bringing subsequent applications to us.

New Buy-to-let Multi Property products now available:

Individual Landlords with single residential investment properties:

5 year fixed rate, up to 75% LTV from 3.78%

5 year fixed rate, up to 80% LTV from 4.38%

For purchase applications no product fee. Valuation and legal fees apply

For remortgage applications (fee free) no product, valuation, legal or fund transfer fees

Applications from clients trading as individuals must be submitted through our Residential Mortgage Broker portal with reversion rates linked to AMR.

Company Landlords with single residential investment properties:

5 year fixed rate, up to 75% LTV from 3.78%

5 year fixed rate, up to 80% LTV from 4.38%

For purchase applications, no product fee. Valuation fees apply

For remortgage applications, no product, valuation or fund transfer fees

Company landlord applicants will be responsible for the total legal cost required to undertake the mortgage transaction.

Applications from clients trading under a company structure must be submitted through our Commercial Mortgage Broker portal with reversion rates linked to LIBOR.

*Figures sourced from UK Finance.

We will be withdrawing the following Buy-to-let products:

For Individual Landlords:

Multi Property 'Limited Edition' Remortgage

• 3.48%, 5 year fixed rate up to 75% LTV
• 3.78%, 5 year fixed rate up to 80% LTV

Multi Property Purchase

• 3.98%, 5 year fixed rate up to 75% LTV
• 4.58%, 5 year fixed rate up to 80% LTV

For Companies:

Multi Property 'Limited Edition' Remortgage

• 3.78%, 5 year fixed rate up to 75% LTV
• 4.38%, 5 year fixed rate up to 80% LTV

Multi Property Purchase

• 3.98%, 5 year fixed rate up to 75% LTV
• 4.58%, 5 year fixed rate up to 80% LTV

To secure one of these rates for your clients, please ensure that you have submitted a Decision In Principle (DIP) by 23.59pm on Thursday 28 February.

A refreshed Buy-to-let multi-property mortgage range will be communicated to you on Friday 1 March.

For more information, visit our Buy-to-Let product guides.

For a limited time only we’re offering Free Standard Valuations across our Purchase Only, no product fee products.

We’ve also made some changes to our Standard Mortgage Range Level 1 pricing:

• Remortgage only products with no product, valuation or legal fees from 2.93%
• Purchase and Remortgage products with a £999 product fee from 2.83%, which includes free standard legal fees on remortgages.

View our Residential Product Guide for more information

Specialist mortgages that give credit, where credit's due

At Aldermore we recognise that things can happen with your client's credit rating and if they already have a mortgage this can cause them problems when their deal period ends. That's why our Residential Mortgage range has extended tiered credit criteria and rates available up to 80% LTV for applicants who need a little more flexibility.

So if your client has a complex financial history or historic adverse our Level 2 or 3 products could help them own or remortgage the property they want.

As of today we've introduced our new Level 2 and Level 3 Remortgage products. With rates from 3.78% up to 75% LTV on Level 2 and 4.28% up to 75% LTV on Level 3, all with no product, valuation or legal fees.

In addition, we've updated rates across our Standard residential Level 1 range with rates from 2.68% up to 75% LTV.

So if your client thinks their perfect mortgage is out of reach, our tiered pricing and auto-cascade system could help them get the best possible rate available to them, and what's more we'll still give you an immediate decision at DIP.

For more information and full details of our new range, please view our updated product guide.

At Aldermore we always aim to give you as much notice as we can about product withdrawals.

We will be withdrawing the following Standard mortgage range level 1 products:

• 2.48%, 2 year fixed up to 75% LTV
• 2.78%, 2 year fixed up to 80% LTV

• 2.58%, 3 year fixed up to 75% LTV
• 2.88%, 3 year fixed up to 80% LTV

• 2.68%, 5 year fixed up to 75% LTV
• 2.98%, 5 year fixed up to 80% LTV

To secure this rate for your client, please ensure that you have submitted a Decision In Principle (DIP) by 23.59pm on Monday 17 December.
For more information, please view our Residential product guide.

We understand getting on the property ladder for the first time isn't always easy and raising a deposit is still one of the biggest challenges facing your first time buyer clients, add in a complex financial history or a less than perfect credit score and home ownership can feel really out of reach.

That's why we take the time to understand your clients' situation and do everything we can to support them.

From today, we're introducing Level 2 and 3 credit criteria across our Help to Buy: equity loan mortgage range, giving you more assurance regardless of how complex your clients' financial history. With rates from 4.78% up to 75% LTV on Level 2 and 5.28% up to 75% LTV on Level 3, all with free standard valuations.

We can also offer:

• A £0 product fee option, in addition to free standard valuations across the range because we understand just how important cash in the bank is for them
• 12 month offers (6 month offer with 6 month extension)
• Intuitive systems that identify new build applications to assist with processing within industry timeframes
• Fully gifted deposits from a close family member accepted

For more information and full details of our new range, please view our updated product guides and lending criteria.

Help to Buy: Equity Loan is only available in England.

We’re always looking at ways to improve the way we work with you.  We’ve listened to your feedback and want to ensure our packaging is clear, simple and straightforward. 

That’s why we've updated our Residential and Buy-to-Let Submission Guidance to help you get your client’s case underwritten as quickly as possible.

The guides contain 4 four simple steps, including the evidence required to submit the application and help us get an offer to your client.

The four steps include,

• Step One: Submit a decision in principle enquiry via the Broker Portal.
• Step two: Providing the documentation that our underwriters will require based on the circumstances that apply to your application.
• Step three: Proceed to Full Mortgage Application and upload the documentation against the checklist items in the portal.
• Step four: Providing you meet the submission guidelines an underwriter will assess the application, look to instruct the valuation and will contact you to confirm next steps.

We wanted to clarify this process to help speed up the production of your clients offer.

To view our updated Buy-to-Let Submission Guidance please click on the links below:

Residential Mortgages Submission Guidelines

Buy-to-Let Submission Guidelines

Following our 3 month review LIBOR has been set at 0.90% (increased from 0.85%).

This means our London Interbank Offered Rate (LIBOR) linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let Mortgages (for companies and multi-unit freehold/HMO properties) have been increased by 0.05%.

We will write to all existing customers impacted to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 February 2019.

Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates, or log in below to submit business.

Buy-to-let mortgages that just got more special

Whether your client is big or small, trades as an individual or company, invests in flats or houses, our range of Buy-to-let mortgages could be the perfect way to expand their portfolio.

We understand there have been a number of changes to the Buy-to-let market and these changes have been challenging, that's why we're doing what we can to support your clients with their property investments.

Individual landlord clients submitting remortgage applications through our Residential portal:

• 5 year fixed rate 75% LTV remortgage reduced by 0.20% to 3.98%
• 5 year fixed rate 80% LTV remortgage reduced by 0.20% to 4.58%

No product, valuation or legal fees

Company landlord clients submitting remortgage applications through our Commercial portal*:

• 5 year fixed rate 75% LTV remortgage reduced by 0.20% to 3.98 %
• 5 year fixed rate 80% LTV remortgage reduced by 0.20% to 4.58%
• New Multi Property** Limited Edition 5 year fixed rate remortgage at 3.78% to 75% LTV and 4.38% to 80% LTV

No product or valuation fees

Don't forget, we now accept new build flats for investment purposes and we've also reduced the interest cover ratio on the affordability calculation for customers that meet our definition of a basic rate tax payer.

For full details, please see our updated Buy-to-Let product guide.

*Applicants submitting via our Commercial portal will be responsible for the total legal costs to undertake the mortgage transaction.

**Multi property products are available to:
- New customers submitting multiple properties at the same time
- New customers submitting a second or subsequent application
- Existing customers with an active Aldermore Residential Owner Occupied, Buy-to-Let or Commercial mortgage account, submitting a new application

With 35,000 new first time buyers completing in August, up 12.6% on July we want to support even more to take their first steps onto the property ladder, and with “raising a deposit” still the biggest challenge facing them we’re making our 95% LTV mortgages even more affordable.

2 year fixed rate 95% LTV purchase only reduced from 4.78% to 4.58%

Don’t forget we also lend on new build houses and flats up to 95% LTV and we continue to manually underwrite every case, ideal for those with complex financial histories.

For full details, please see our updated product guide

We've made some improvements to proposition to ensure your clients get the mortgage they need, when they need it. 

Whether your client is a first time buyer with little or no deposit or a landlord looking to invest in a new property or remortgage an existing one, we can support their individual aspirations. 

As of today (15/10/2018) we've made the following changes to our criteria: 

Residential

• Reducing minimum valuation on ex-public sector property (outside of greater London) making them more accessible to first time buyers

Buy-to-Let

• Lowering ICRs for basic rate tax payers
• New build flats up to 70% LTV for first time landlords and 75% LTV for existing landlords

For full details of all the criteria changes, please see our updated product guides and lending criteria. 

As of today, (03/09/2018), we can offer reduced rates across our High LTV products, plus a range of fee options to suit your clients' circumstances:

£999 Product Fee

• 85% from 3.98% - Purchase and Remortgage
•  90% from 4.28% - Purchase Only
• 95% from 4.78% - Purchase Only

£0 Product Fee 

•  90% from 4.58% - Purchase Only
• 95% from 5.08% - Purchase Only

£0 Product Fee (plus free legals, and free valuation)

• 85% from 4.28% - Remortgage Only
• 90% from 4.58% - Remortgage Only

For clients who have experienced recent credit blips and historic adverse we've reduced rates across our Standard Range Levels 2 and 3:

£999 Product Fee

• Level 1 - 75% from 2.48% - Purchase and Remortgage
•  Level 2 - 75% from 3.48% - Purchase and Remortgage
•  Level 3 - 75% from 3.98% - Purchase and Remortgage

£0 Product Fee (plus free legals, and free valuation)

•  Level 1 - 75% from 2.78% - Remortgage Only

For further details, please view our Residential Product guide.

With effect from today, we have a new Limited Edition Multi Property product with reduced rates for Individual Landlords.

Available to clients with an existing Aldermore mortgage, new customers submitting a second or subsequent application(s), or submitting multiple applications at the same time.

New Multi Property Remortgage product for Individual landlords with single residential investment properties:

• 5 year fixed rate up to 75% LTV 3.48%
• 5 year fixed rate up to 80% LTV 3.78%
• No product or valuation fees and free standard legal fees

For further details on our Buy-to-Let mortgage criteria, click here

Following our 3 month review LIBOR has been set at 0.85% (increased from 0.65%).

This means our London Interbank Offered Rate (LIBOR) linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let Mortgages (for companies and multi-unit freehold/HMO properties) have been increased by 0.20%.

We will write to all existing customers impacted to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 November 2018.

 Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates, or log in below to submit business.

Aldermore Managed Rate will increase from 4.98% to 5.23%

In line with the recent Bank of England Base Rate change (0.50% to 0.75%), the Aldermore Managed Rate (AMR) will be increased by 0.25%; from 4.98% to 5.23% for new (including pipeline) and existing mortgage customers on 1 September 2018.

The AMR is Aldermore's standard variable rate for residential mortgages and buy-to-let for individuals. The change in AMR will mean that, across these product ranges, Aldermore's Term Variable rate mortgages will increase by 0.25% and all reversion rates on fixed rate mortgages will increase by 0.25% (from 1 September 2018).

Initial fixed rates will remain unchanged and we will send updated product guides in advance of the AMR change.

Existing Aldermore customers

We will be writing to all existing Aldermore mortgage customers affected by the change, to let them know their new interest rate and monthly payments effective from 1 September 2018.

If you have any queries, please contact your Business Development Manager or call 0333 321 1000.

Following the Bank of England’s decision to increase Base Rate from 0.50% to 0.75%, Aldermore is currently reviewing its variable rate mortgages and savings products. Once a decision is made we will publish details of these and notify all customers impacted.

With effect from 29 May 2018, we can offer a new range of remortgage only products up to 90% LTV.

Whether your client had a Help to Buy: Equity loan or started off with a small deposit, we've got a remortgage with their name on it.

What we can offer:

• 2 year fixed rate up to 90% LTV 4.48%
• 5 year fixed rate up to 90% LTV 4.58%

For further details, please view our Residential product guide

Following our 3 month review LIBOR has been set at 0.65% (increased from 0.55%)

This means our London Interbank Offered Rate (LIBOR) linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let Mortgages (for companies and multi-unit freehold/HMO properties) have been increased by 0.10%.

We will write to all existing customers impacted, to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 August 2018.

Please see our Buy-to-Let Mortgages Product Guide  and our Commercial Mortgages Product Guide for more details on our current rates, or log in below to submit business.

With effect from 23 April 2018, we've made some changes across our Buy-to-Let range. Whether your client is big or small, individual or business, we've got a mortgage with their name on it.
Summary of changes:

• Reduced rates for company landlords
• Reduced rates for multi-unit freehold and HMOs
• Reduced term variable rates across the range

We have also introduced new fee free remortgage only products and a new Multi Property product with discounted rates.
For full details, please see our updated Buy to Let Product Guide

With effect from today 23 April 2018, we've launched two new levels of products on our Residential Range, which have extended credit criteria for applicants who don't qualify for our Standard Level 1 products.

Our specialist mortgages give credit where credits due and is ideal for clients who may not have previously fit our criteria.

For full details, please see our updated Residential Product Guide.

As of today 23 April 2018 we now consider one year's accounts for self-employed landlords.

• Maximum of 80% LTV
• No history of payment arrears, defaults, CCJs or other adverse information in the last 3 years on personal and business credit search.

• At least 1 year's SA302/Tax Calculation (with Tax Year Overview), supported by latest set of accounts, or reference from a suitably qualified accountant if required.
• Personal and business bank statements for the last 3 months (If your client has personal finance for business purposes this may be excluded from our affordability calculation. Please contact us for more information).

For full details of our requirements please view our lending criteria guide.

At Aldermore we believe you should be able to submit business to us how you want, whether that’s in the office or on the go.

From Monday 23 April both our Residential and Commercial broker portals will be mobile responsive and accessible from a smart phone, tablet or laptop as well as a desktop PC.

That means:

• You can complete an illustration and get a quote for your client quickly and easily using any device
• For Residential and Buy-to-let applicants, submit a Decision in Principle and for Commercial applicants submit a Head of Terms from a mobile device
• You can check the status of your clients' cases on the go

A number of our existing Buy-to-Let mortgage rates will be withdrawn and refreshed with a new range on Monday 23 April.

In order to secure the existing products you'll need to have your Decision in Principle submitted before 08.59pm on Friday 20 April.

For full details of our current Buy-to-Let products please see our Buy to Let Product Guide . We will update this product guide on Monday 23rd April with our new range.

Remember to log in to our Residential Mortgages Broker Portal to submit new buy-to-let cases for individual landlord clients on single residential units, or use our Commercial Mortgages Broker Portal for company buy-to-lets and cases on HMOs and multi-unit freeholds.

With effect from today (21/02/2018) we’ve made some changes across our High LTV and Help to buy: equity loan and London help to buy ranges, helping first time buyers get on the ladder.

We’ve reduced our High LTV rates by up to 0.5% plus we’ve removed our re-mortgage application fee and introduced a 5 year fixed with no product fee for purchase applications up to 95%. 

On our Help to buy equity loan range (including London help to buy scheme) we’ve reduced rates and introduced no product fee options.

For full details, please see our updated Residential Product Guide

We've refreshed our commercial range with new rates and benefits.

Whether your clients are looking to invest in commercial property or want to own their own business premises, they'll want a mortgage that meets their needs. 

We've got new 7 year fixed rates, revised reversion rates on 3 and 5 year fixed rates and introduced search insurance up to £1m to help save your clients time and money. 

New product range highlights:

• New range of 7 year fixed rates
• Fixed rates now available on our Semi Commercial range
• Rates available up to 75% LTV, with flexible repayment structures
• Introduction of search insurance for remortgages up to £1m^
• Revised reversionary rates on our 3 & 5 year fixed rates
• Reduced Arrangement fees, now 1.50%*

^Aldermore will pay for the cost of search insurance for commercial remortgages up to £1m. Search insurance is for the benefit of Aldermore and your clients will still be liable for searches not covered by the policy (HS2 / Crossrail and Flood searches). Offer valid until 31^st July 2018

*Arrangement fee includes a 0.25% commitment fee

For more information on our updated commercial range view our Product Guide. We've also made changes to our Commercial Legal Fee Scale and Valuation Fee Scale which you can find on the documents section of our intermediary website.

If you receive an email or fax asking for any personal or security information (e.g. login details) please don't reply as it is likely to be fraudulent. Please don't click on any links or open any attachments. Instead, forward it to financial.crime@aldermore.co.uk and then delete it. This information will be used to help reduce fraud.

Great news, we've updated our policy for new build incentives to help get your residential clients on the ladder and help your buy-to-let clients maximise their deposits. Here's an overview of the changes: 

Residential Owner-Occupied Criteria (New build houses and apartments) - available up to a maximum of 85% LTV: 

Helping home buyers unlock new opportunities...

• We now accept builder gifted deposits (including cash) up to a maximum of 5% of the purchase price
• Helping first time buyers who are eligible for the Government's stamp duty exemption take the added advantage of additional builder's gifted deposit up to 5% of the purchase price.
• We will accept equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit

Buy-to-Let Criteria (New build houses only) - available up to a maximum of 80% LTV: 

• We now allow builder gifted deposits up to a maximum of 5% of the purchase price of the property
• We will accept equity from the sale of an existing property to a builder in a part exchange transactions as a source of deposit

To view our updated Full Lending Criteria Guides please go to the Lending Criteria section or download the guides below:

• Residential Lending Criteria
• Buy-to-Let Lending Criteria 

The Residential Mortgages Broker Portal will be unavailable for a short period from 10pm to midnight on Thursday 25 January, while we carry out essential site maintenance. We apologise for any inconvenience this may cause.

To find out more about our Commercial Mortgages view our Full Lending Criteria

If you wish to speak to a member of the team during the festive period our seasonal opening hours are below.

Seasonal opening hours*:

Monday 25^th – closed

Tuesday 26^th – closed

Wednesday 27^th – open

Thursday 28^th – open

Friday 29^th – open

Monday 1^st – closed

*Opening hours 9-5pm

Our new residential affordability calculator has landed

You can now assess affordability for your client before you even pick up the phone. Here are the highlights:

Immediate Access
No need to sign in or register with us: access the calculator straight from our intermediary homepage.

No surprises
Get an accurate calculation based on your client and their needs

Next steps
View our residential product guides and lending criteria for more information, use our new calculator or get in touch with the sales team.
Get one step ahead with your next case.

We back you
The Aldermore residential mortgage affordability calculator is all part of our transparent service: just one of the ways we back you.

We've updated our Buy-to-let lending criteria and affordability calculators.

With effect from today, 15 December 2017, we've made changes to our Buy-to-let lending criteria including our Buy-to-Let Portfolio Resilience Stress rate.

Here's a summary of the changes which could impact your clients when applying for a mortgage:

• Portfolio Resilience Stress reduced from 5.5% to 5%.
• If the individual stress rate for the application is below the portfolio stress of 5%, the lower stress rate will be factored in to the overall assessment of the portfolio.
• To find out what that means for your clients use our updated Buy-to-Let Affordability Calculator, which can be used to test the affordability of your client's individual applications and portfolio as a whole
• Updated tenancy criteria to include Scottish Private Residential Tenancies with no maximum term requirement.

To view all changes to our policy, please read our updated Buy-to-Let Mortgages Full Lending Criteria

As previously communicated the Aldermore Managed Rate has been increased from today (01 December).

As a reminder, in line with the recent Bank of England Base Rate change (0.25 % to 0.50%), the Aldermore Managed Rate (AMR) has increased by 0.25%; from 4.73% to 4.98% with effect from today for:

• New business (including pipeline)
• Existing customers

The AMR is Aldermore's standard variable rate for residential mortgages and buy-to-let for individuals. The change in AMR means that, across these product ranges, Aldermore's Term Variable rate mortgages have increased by 0.25% and all reversion rates on fixed rate mortgages have increased by 0.25%.

Updated product guides

For our latest rates (effective from 1 December) please view our updated product guides:

• Residential Mortgages Product Guide 
• Buy-to-let Mortgages Product Guide

Existing Aldermore customers

We have written to all existing Aldermore mortgage customers, with mortgages affected by the change, to let them know their new interest rate and monthly payments effective from 01 December 2017.

How does the change in AMR affect pipeline/pre-completion Aldermore cases?

• Fixed rate cases are not affected, except by an increase in the variable reversion rate
• Term Variable rate cases at DIP, application or offer stage will automatically have their rate increased by 0.25% with immediate effect.

If you have any queries, please contact your Business Development Manager or call 0333 321 1000.

Our Limited Edition Buy-to-Let 5 year fixed rates for individual landlords will be withdrawn at 11:59pm on Friday 01 December.

We'll be withdrawing our Limited Edition buy-to-let 5 year fixed rates:

• 3.48% 5 year Fixed Remortgage only up to 75% LTV (No valuation, legal or product fee)
• 4.38% 5 year Fixed Remortgage only up to 80% LTV (No valuation, legal or product fee)

You'll need to have your Decision in Principle submitted before 11:59pm on Friday 01 December to secure these rates.

For full details of our current buy-to-let products please see our Product Guide . We will update this product guide on Friday 01 December to reflect the withdrawals listed above.

Remember to log in to our Residential Mortgages Broker Portal to submit new buy-to-let cases for individual landlord clients on single residential units, or use our Commercial Mortgages Broker Portal for company buy-to-lets and cases on HMOs and multi-unit freeholds.

Following our 3 month review LIBOR has been set at 0.55% (increased from 0.30%).

This means our London Interbank Offered Rate (LIBOR) linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let Mortgages (for companies and multi-unit freehold/HMO properties) have been increased by 0.25%.

We will write to all existing customers impacted to confirm their new interest rate and monthly payment amount.

The next LIBOR review will take place on 15 February 2018.

Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates, or log in to submit business.

Aldermore Managed Rate will increase from 4.73% to 4.98%

In line with the recent Bank of England Base Rate change (0.25% to 0.50%), the Aldermore Managed Rate (AMR) will be increased by 0.25%; from 4.73% to 4.98% for new (including pipeline) and existing mortgage customers on 1 December.

The AMR is Aldermore's standard variable rate for residential mortgages and buy-to-let for individuals. The change in AMR will mean that, across these product ranges, Aldermore's Term Variable rate mortgages will increase by 0.25% and all reversion rates on fixed rate mortgages will increase by 0.25% (from 1 December).

Initial fixed rates will remain unchanged and we will send updated product guides in advance of the AMR change.

Existing Aldermore customers

We will be writing to all existing Aldermore mortgage customers affected by the change, to let them know their new interest rate and monthly payments effective from December 2017.

If you have any queries, please contact your Business Development Manager or call 0333 321 1000.

Following the Bank of England’s decision to increase Base Rate from 0.25% to 0.50%, Aldermore is currently reviewing its variable rate mortgages. Once a decision is made we will publish details here and notify all customers impacted.

We've launched a new limited edition range of remortgage only products for individual landlords with rates from 3.48% - single residential investment properties only.

Help your clients get more from their current Buy-to-Let mortgage with our new range of Limited Edition Remortgage only products with no valuation, legal or product fees.

Ideal for Individual landlord clients looking to capital raise or sat on their current lender's SVR.

• 5 year fixed rate up to 75% LTV 3.48%
• 5 year fixed rate up to 80% LTV 4.38%

Our Autumn Special is available for a limited time only.

For full details of our new remortgage only rates for individual landlords, please see our product guide which has all the information you'll need for our Buy-to-Let remortgage rates. 

We've recently made some key changes to our Residential and Commercial online portals. These include updates in order to comply with the new Buy-to-Let underwriting standards and feature a number of additional fields for applications from landlords.

New Portal User Guide

View our short user guide, which highlights the changes we've made and provides guidance on how to key your next mortgage application.

Hints and tips (included within the new guide)

• Income - how to key income from land and property for individual or company landlords
• Buy to let portfolio - If your client owns existing residential investment properties, please tick yes to the question and ensure you enter full details of the current portfolio when keying in the DIP.
• Portfolio schedule - Please ensure your client(s) Buy-to-Let Portfolio Schedule is uploaded when the application is fully submitted. This will prevent any delays in the processing of your client(s) application.
• Commercial Portfolio schedule - If applying for a Commercial Mortgage, please complete and upload your client's Commercial Property Portfolio Schedule when you submit the application, rather than inputting on the BTL portfolio screens.
• Copy to new DIP - we recommend that due to the new portal fields and recent updates that all cases are keyed from new, to ensure the latest information is available for a quick decision from our underwriters.

We’ve have made some changes to our Residential Owner Occupier range of mortgages with rates from 2.38%. We have introduced new 2 year fixed rate limited edition purchase only rates. Plus we have replaced a 2 year fixed rate High LTV purchase only product.

NEW 2 year fixed rate Standard Limited Edition Purchase Only products:

• 2.38% up to 75% LTV
• 2.68% up to 80% LTV

Replaced 2 year fixed rate High LTV Purchase Only product:

• 5.68% up to 95% LTV

For detail of our full range, please see our updated product guide which contains all the information you require.

We have reduced our 2 year fixed rate remortgage only products on our standard range.
Reduced 2 year fixed rate Standard Limited Edition Remortgage Only products:

• No upfront fees*
• 2.38% up to 75% LTV
• 2.68% up to 80% LTV

*a £30 funds transfer fee payable on completion applies.

For detail of our full range, please see our updated product guide which contains all the information you require.

From today, 27 September 2017, all Buy-to-Let DIPs and subsequent applications are subject to our processes under the new Buy-to-Let underwriting standards.

Here's a summary of the changes we've made:

• Updated Buy-to-Let Affordability Calculator - our online calculator can now be used to assess the affordability of the application property as well as the client's portfolio as a whole. Personal income can also be assessed for up to 3 applicants 
• Updated secure online portals - due to the additional information needed for portfolio landlord applications we've added new fields to our online portals
• Document templates - to be filled in by your portfolio landlord clients as required for our assessments. We recommend using our templates as it will ensure that using our calculator and online portals is as simple as possible (we will also accept other formats which contain the information we need)
• New Buy-to-Let Mortgages Full Lending Criteria

Our PRA Packaging Guide gives you details of our standard and enhanced assessments and our Buy-to-Let Definitions document provides some extra information, including our definition of a portfolio landlord. You can always access all our current Buy-to-Let documents by clicking here.

It's important to note that under the new standards we are continuing to lend to individual and company landlords with no background portfolio limits.

We’re updating our systems today – 26 September 2017

Residential and Commercial online portals will be unavailable from 4pm on Tuesday 26 September, while we implement changes for the new Buy-to-Let underwriting standards.

Portals will be available again from Wednesday 27 September.

We'll be changing our processes from 27 September 2017 to comply with the new Buy-to-Let underwriting standards

Our current processes will apply to all DIPs submitted before 4pm on Tuesday 26 September 2017 (our online portals will then be unavailable until Wednesday 27 September whilst we implement the changes).  
All DIPs submitted after the above deadline will be subject to the new underwriting standards. 

Deadlines for existing applications under our current processes:

• Full Mortgage Applications to be submitted within 14 days (of DIP submission date)
• Mortgage Offers issued by 31 October 2017
• Completions by 31 January 2018 (or 30 April 2018 for new build applications)

In line with the updates to our secure online portals, the Buy-to-Let affordability calculator on our website will also be updated to reflect the changes on 27 September 2017.

Remember, our PRA Packaging Guide and Buy-to-Let Definitions documents give you some extra information and you can always access all our current Buy-to-Let documents, (including our portfolio landlord document templates) by clicking here.

We now have lower term variable rates available for semi-commercial applications where living accommodation is part of the property:

• 4.69% up to 60% LTV (compared with commercial investment rate of 4.89%)
• 5.09% up to 70% LTV (compared with commercial investment rate of 5.24%)
• 5.19% up to 75% LTV (compared with commercial investment rate of 5.34%)

To submit a semi-commercial mortgage application log in and select the term variable Commercial Investment product for the loan to value your client requires. We will then apply the semi-commercial property discount to the rate before an offer is made.

You'll find all the details in our updated Product Guide. 

To comply with the updated Buy-to-Let underwriting standards, we’ll be launching new processes before 30 September 2017.

For now, we're giving you a sneak preview of our PRA document templates so you know what to expect - we'll let you know nearer the time the exact date we're changing our systems and processes, so you'll know when these new documents will be required. 

Here are our new template documents (just remember to save them first, before filling them in, to ensure any information inputted is not lost):
 

• Business Plan and Portfolio Schedule - both these documents need to be completed for all portfolio landlord applications
   
• Cash Flow Forecast and Statement of Assets and Liabilities; these two documents need to be completed (in addition to the above) if your portfolio landlord client will have 11 or more mortgaged properties with Aldermore at completion

To see our definition of a Portfolio Landlord and to ensure you'll be giving us your client's information correctly, download our new Buy-to-Let Definitions document.

Remember, our PRA Packaging Guide gives you some extra information and you can access all our current Buy-to-Let documents here.

We wanted to remind you of our offer timescales for all Buy-to-Let applications including company Buy-to-Let applications and those for multi-unit freeholds/HMOs. 

The same process applies across all Buy-to-Let applications with an offer validity of 90 days and one possible extension of up to 28 days. 

To get an offer extended you'll need to contact us on 0333 321 1000 and in some cases we may extend the offer further than 28 days if there is a fixed completion date. 

Following our 3 month review our LIBOR linked rates (Term Variable rates and reversion rates on Fixed products) on our Commercial Mortgage range and on our Buy-to-Let mortgages (for companies and multi-unit freehold/HMO properties) have been reduced by 0.05%.

Please see our Buy-to-Let Mortgages Product Guide and our Commercial Mortgages Product Guide for more details on our current rates, or log in to submit business.

Our new products offer your owner occupied clients rates from 2.48% and no product, application, valuation or legal  fees to pay.

To find out more and to see our updated High LTV rates, just view our new product guide.

On 2 August at 11:59pm the current rates on our High LTV Range will be withdrawn.

To secure any of our current High LTV rates, for your owner occupied clients with low deposits, you'll need to submit a Decision in Principle through our Broker Portal before 11:59pm on 2 August.

For full details of our current High LTV rates please see page 4 of our Product Guide. We will update this guide on Thursday 3 August with details of our new rates.

We've refreshed our buy-to-let rates for individual landlords on single residential units adding some great new features:

• New fee free remortgage only products* - fixed for 3 or 5 years, with no product, application, valuation or legal fees to pay
• New 5 year fixed portfolio remortgage products - with a 0.2% discount on our 5 year fixed fee free remortgage only rates, for your clients with an existing Aldermore mortgage, or new customers submitting a second or subsequent application(s)^
• New 3 year fixed and reduced term variable rates - offering greater choice for your clients
• Greater range of fee options - our purchase and remortgage products now offer a choice of 3 product fees (2%, £1,999 or £0) on fixed and term variable rates
• Higher overpayments accepted - previously overpayments were capped at £5,000 per year, but now your clients will be able to overpay up to 10% of the outstanding mortgage balance in any 12 month period
• Lower Early Repayment Charge - on new purchases and remortgages

*Fee free remortgage products will still require payment of a £30 funds transfer fee, free standard legal and valuation fees will be paid for by Aldermore, but any additional charges may be passed on to the client.
^Existing mortgage customers are those with an active Aldermore residential owner occupied, buy-to-let, or commercial mortgage account.
New customers submitting a second or subsequent application must have a fully submitted and accepted first application.

Along with other buy-to-let mortgage providers we will adopt the new Prudential Regulation Authority (PRA) underwriting standards in September 2017. The changes will mean more in-depth portfolio and affordability assessments across the market and lenders will need to apply a specialist underwriting approach.

As a specialist bank, we are already recognised as a lender who provides specialist underwriting and we are committed to continuing lending to buy-to-let landlords, with portfolios of all shapes and sizes.

To support you and your clients we have created a short guide for landlords with a summary of the changes across the market. And we’ve also outlined our approach to the new standards in an intermediary guide .

• Download landlord guide

• Download intermediary guide

Your residential and standard buy-to-let clients no longer require separate legal representation

Until now, separate legal representation was required for applications with loans over £400,000. Now separate legal representation is no longer required up to our maximum loan amount of £1m. 
The only exceptions to this are any instances where clients wish to use their own solicitors who are not on our approved panel and Family Guarantee Mortgage cases where the guarantors must take impartial legal advice.

We've made our valuation policy clearer, by updating information on the property types we will and won't lend on, across residential, buy-to-let and commercial mortgages

To view our updated Full Lending Criteria Guides please click below:
 

• Residential Lending Criteria
• Buy-to-Let Lending Criteria
• Commercial Lending Criteria

All our buy-to-let 3 year fixed rates will be withdrawn on 31 May, along with our standard 5 year fixed rates up to 75% LTV.
At 11:59pm on 31 May, we'll be withdrawing a number of our buy-to-let fixed rates:

• All our standard and specialist 3 year fixed rates from 4.78% (2.5% product fee)
• All our standard 3 year fixed rates from 5.18% (£1,999 product fee)
• Our standard 5 year fixed rate of 3.28% up to 75% LTV (product fee 2%)

You'll need to have your Decision in Principle submitted before 11:59pm on 31 May and your case progressed to Full Mortgage Application by 11:59pm on Sunday 4 June to secure these rates.

Our new commercial range is now available for your investor and owner occupied clients.
We assess each case individually to make sure your clients get the deal they need.
Both variable and fixed rates up to 75% LTV, with the same rates for individuals and limited companies.
See our Commercial Mortgages Product Guide for all the details.

We’ve refreshed our owner occupied mortgage products for 2017, with many rate reductions and a range of mortgages for clients with low deposits too. Our new High LTV range up to 95% LTV offers new products to replace the Help to Buy: mortgage guarantee scheme and also offers remortgages up to 85% LTV.

We’ve also reduced our Early Repayment Charges and allow overpayments of up to 10% a year on all our new owner occupied products.

Please see our residential mortgages documents page for all the info you’ll need including an updated product guide and lending criteria.

Great news! Our new 0.30% retention procuration fee launches on Monday 3rd April!
Whether your client is a Residential Owner-Occupied or a Standard Buy to Let customer, you will be able to earn fees on our full range of Loyalty Mortgages.
It’s all part of our commitment to providing you with the right solutions and support, working with you to keep your clients for the long term.
Find out more
Download our handy new product transfer guide

On 3 April at 11:59pm we'll be withdrawing a number of our buy-to-let 5 year fixed rates.
Standard 5 year fixed buy-to-let mortgages which will be withdrawn:

• 2.98% up to 70% LTV (product fee 2%)
• 2.98% up to 75% LTV (product fee 2%)
• 5.28% up to 80% LTV (product fee 2%)

Specialist 5 year fixed buy-to-let mortgages which will be withdrawn:

• 4.98% up to 70% LTV (product fee 2.5%)
• 4.98% up to 75% LTV (product fee 2.5%)
• 5.28% up to 80% LTV (product fee 2.5%)

You'll need to have your Decision in Principle submitted before 11:59pm on 3 April to secure these rates.
For full details of our current buy-to-let products please see our product guide.

We've updated our lending criteria for residential mortgages, here's a summary of what's changed:

• How rental income is assessed when used as additional income - due to the upcoming tax changes for buy-to-let landlords, rental income from buy-to-let properties held in the applicant’s personal name will be assessed by our underwriters to determine the impact of future tax liabilities.
  This may mean that the amount of rental income which can be included in our affordability calculations is reduced.
• Minimum equity for downsizing/sale of main residence as proof of repayment for interest only mortgages - in line with current market values our minimum equity level requirements at the start of the mortgage have increased from £150,000 to £175,000 (and from £250,000 to £300,000 in London and the South East).
• Valuations for tenure of less than 85 years - if the solicitor confirms a lease is shorter than 85 years at the start of the mortgage the valuation will be referred back to the valuer, as this may impact the property value.
• Lending on buildings with a flat roof - we will not accept 100% flat roofed or shallow mono-pitched houses (purpose built blocks of flats will be considered subject to survey).
  Please note our list of 'property types we do not lend on' may not cover all property types, so if you have any questions about what we will lend on, please contact your BDM for more information.

For full details please see our updated Residential Mortgages Full Lending Criteria.

As you may know, we use a trusted and approved panel of valuers who comply with the RICS code of conduct and meet our regulatory requirements. We pro-actively ensure valuers report their findings to us professionally and accurately. As a specialist lender our expert underwriters are given enough time to thoroughly review each customer’s application and as part of this they have the power to challenge valuations on every individual case. If they feel there has been any error, they will raise their concerns directly with the valuer. For this reason we will no longer be accepting valuation challenges.

Standard residential mortgage rates now from 2.88%

We've reduced all of our standard residential mortgage rates by up to 0.5%. There's also a lower rate on our 2 year fixed Help to Buy: equity loan (including London help to buy).

Here's a summary of the residential changes:

• Term variable rates now from 2.88% (product fee £999)
• 2 year fixed rates now from 2.98% (product fee £999)
• 3 year fixed rates now from 3.08% (product fee £999)
• 5 year fixed rates now from 3.18% (product fee £999)
• Remortgage only fixed rates now from 3.28% (no valuation, product or legal fees, application fee of £199)
• Help to Buy: equity loan purchase only 2 year fixed rate now 3.88% (product fee £999)

For full details please see our updated Residential Mortgages Product Guide

5 year fixed standard buy-to-Let mortgages now from 2.98%

Our standard 5 year fixed buy-to-let mortgage, for individual landlords on single residential units, has been reduced by 2% up to 75% LTV, with a reduced product fee of 2%. As part of this change we've also withdrawn two higher rate products which had a fixed product fee.

Here's a summary of the buy-to-let product changes:

• 5 year fixed rate up to 75% LTV now 2.98% (product fee reduced to 2%)
• Product fee also reduced to 2% on existing 5.28% rate up to 80% LTV
• Withdrawal of 5.48% up to 75% LTV and 5.78% up to 80% LTV (both with £1,999 product fee)

For full details please see our updated Buy-to-Let Mortgages Product Guide.

We’re delighted to announce that we’ll be launching retention procuration fees on 3 April 2017. <br>
Procuration fees will be available on product transfers for existing Aldermore customers onto one of our Loyalty Mortgages.

The highlights

• A fair deal: 0.30% (net) procuration fee
• Available on our full range of Loyalty Mortgages: for Residential Owner-Occupied and Standard Buy to Let customers
• Transparency: whether they come via their broker or direct, customers will get the same deals

We’re committed to working in partnership with you to provide the right solutions and great service for you and your clients.

We’ll be in touch closer to the launch with full details on how to get started.

We've introduced new specialist 2 year fixed rate products for Limited Company buy-to-lets on single residential units. There's now a range of fee options, including selected mortgages with no application or product fee. We've also reduced our existing specialist rates.

New specialist buy-to-let 2 year fixed rates:

• 4.48% to 75% LTV (product fee £1,999)
• 4.98% to 75% LTV (no product fee)
• 4.98% to 80% LTV (product fee £1,999)
• 5.48% to 80% LTV (no product fee)

Reduced specialist buy-to-let 2 year fixed rates:

• 4.18% to 75% LTV - now 3.98% (product fee 2%)
• 4.68% to 80% LTV - now 4.48% (product fee 2%)

In addition, all our existing 2 year fixed standard buy-to-let rates have been reduced by 0.1% - now from 3.38% up to 75% LTV.

 For full details please see our updated product guide which has all the information you'll need.

We've dropped our 2 year fixed rates for private individuals on buy-to-let mortgages and remortgages. Plus there are now selected mortgages available with no product fee.*

Replaced 2 year fixed rates:

• 4.18% to 75% LTV - now 3.48% (product fee 2.5%)
• 4.68% to 75% LTV - now 3.98% (product fee £1,999)
• 4.68% to 80% LTV - now 3.88% (product fee 2.5%)
• 5.18% to 80% LTV - now 4.38% (product fee £1,999)

New 2 year fixed rates:

• 4.48% to 75% LTV (no product fee, *application fee £199)
• 4.88% to 80% LTV (no product fee, *application fee £199)

For full details please see our updated product guide which has all the information you'll need.

On 4 January we launched our new BTL Affordability Calculator, making it easy for you to find out how much your clients could borrow and what their monthly repayment amount will be.

Our new affordability calculator is suitable for both private individuals and limited companies, regardless of whether they’re looking to invest in standard residential properties or HMOs and what’s more our new affordability calculator allows you to include your client’s personal income in the calculation if they wish.

To use our new calculator you’ll need to work out the stress rate using the calculations below, to check our latest product rates click here.

• Term Variable products or Fixed Rate products under 5 years please use the higher of 1) pay rate +2% or 2) 5.5%
• Fixed Rate products over 5 years please use the higher of 1) pay rate or 2) 5.5%

Click here to give it a go.

Following our implementation of the PRA changes in December 2016, we have recently reviewed our affordability requirements and are pleased to announce we have lowered the stress rate and reversion rates on our 5 year fixed rate buy-to let mortgages.
Our 5 year fixed rates are now from 3.28%, with a 2% product fee. Please see our updated guide for all our current buy-to-let products.

How our reduced stress rate and reversion rates will impact affordability

Our previous stress rate for 5 year fixed rates was the higher of i) the pay rate or ii) 5.5%.
Our new affordability stress rate for 5 year fixed rates is now the higher of i) the pay rate or ii) the reversion rate + 0.75%. To reflect this change our Buy-to-Let Full Lending Criteria has also been updated and you can view the new version here