Aldermore improves rental calculation to attract more landlords
Aldermore Bank has made two of its buy-to-let mortgages more attractive by improving the rate used to calculate how much money they will lend to landlords.
The bank has always worked out its buy-to-let rental calculation at 125% of the pay rate although, by lowering its term-tracker mortgages by 0.5%, the lender will be able to provide larger loans.
For example, if a property is generating £1,500 rent each month, Aldermore will potentially now be able to lend up to £321,428. In comparison, Woolwich for Intermediaries would offer a reduced amount of up to £248,704.
Aldermore’s new term-tracker rates start from 4.48% and they are available to borrowers with a 25% deposit. Early repayment charges apply for the first three-years and they have £1,999 arrangement fees. The maximum loan is £1 million.
If you would like help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.
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