Aldermore, Britain’s leading challenger bank, has launched a new limited edition buy to let mortgage in light of the thriving housing market and growing demand from landlords.
The variable rate product is being offered at an interest rate of 3.98% on a 75% loan to value mortgage, and 4.48% on an 80% LTV.
Both rates come with a 2.5% completion fee that can be added to the loan.
Commenting on today’s announcement, Charles Haresnape, Residential Mortgages Managing Director at Aldermore Bank said:
“The rates not only keep costs down for clients but this also maximizes the borrowing potential as the rates are used to calculate the loan size.
“The buy to let market is booming as recent figures from the Council of Mortgage Lenders show, with lenders having advanced 40,000 mortgages worth £5.1billion to buy to let customers in the second quarter of this year.
“As buy to let specialists we are always looking to help customers and intermediaries by offering a greater product choice. We have recently expanded into Scotland and increased our sales team, which will give people greater access to our mortgage services.”
Since opening its doors in 2009, Aldermore has lent over £1.3 billion to UK homeowners and is a leading provider of buy to let mortgages in the UK.
According to figures from the Council of Mortgage Lenders, at the end of June 2013, buy to let mortgages accounted for 13.3% of outstanding lending in the UK, marking a rise on the 12.9% figure of the year before.