Aldermore has published details of its residential and buy-to-let mortgage range, which it says will be launched as soon as final systems testing has been completed.
Aldermore is currently working with a small group of brokers and distributors, to process a limited number of mortgage applications as part of the final stage in its pre-launch systems testing programme. Assuming a successful outcome, Aldermore anticipates being able to open its doors for business during the next few weeks.
In the residential market, Aldermore is targeting creditworthy borrowers being penalised by automated credit scoring systems and lenders who no longer employ skilled and experienced underwriters. Loans for both house purchase and remortgaging will be available up to 80% loan to value and applicants will have a choice of two-year discounts starting from 3.98% and three and five-year fixed rates starting from 4.93%.
In the buy to let market, Aldermore is targeting experienced buy-to-let landlords who are unable to remortgage or finance new properties due to the lack of buy-to-let funding. Mortgages will be available up to 75% loan to value for the purchase or remortgage of a single property, with a choice of two-year discounts starting from 4.98% and three and five-year fixed rates starting from 5.78%.
Its products will initially be made available to a select panel of intermediaries via leading mortgage networks and clubs including: 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS, PTFS and Sesame.
Colin Snowdon , chief executive, residential mortgages at Aldermore, said: “Our testing has shown that it will take brokers no more than a few minutes to submit a case online and get a decision in principle and we have a team of experienced underwriters here in Wilmslow who are ready to help applications complete as quickly as possible.