Aldermore changes five-year fixed BTL
By |Published On: 5th April 2017|

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Aldermore changes five-year fixed BTL

By |Published On: 5th April 2017|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Aldermore has revealed a number of changes to its five-year fixed rate buy-to-let mortgages. This includes a review of its position regarding affordability.

The Bank has moved to alter its affordability stress rate to the higher of the pay rate or the reversion rate +0.75%, down from pay rate or 5.5%.

In addition, it has reduced reversion rates, which now start from 3.23%.

Five-year products

What’s more, Aldermore has launched some new five-year fixed rate products.

New standard buy-to-let rates include a 3.28% at 75% LTV with a reversion rate of 3.23% and a 5.28% for an 80% LTV, with reversion rate of 4.53%.

For limited companies, five-year fixed rates now start from 4.08% at 75% LTV with a reversion rate of 3.33% and at 5.28% up to 80% LTV with reversion rate of 4.53%.

Aldermore changes five-year fixed BTL

Aldermore changes five-year fixed BTL

Changes

Charles McDowell, Commercial Director of Mortgages at Aldermore said: ‘These changes are good news for both landlords and limited company buy-to-let investors.’[1]

‘Whilst there have been many changes to the buy-to-let market over the last 12 months, the improvement in affordability on our 5 year fixed products will provide much needed support to the market. The increasing number of renters combined with the on-going supply pressures across the private rental sector is evidence of the integral role buy-to-let plays within the UK’s housing market. Our new products reaffirm our commitment to supporting UK landlords,’ he added.[1]

[1] http://www.propertyreporter.co.uk/finance/aldermore-revamps-five-year-fixed-btl-range.html

 

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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