Aldermore bank has reduced its product switch rates to some of its lowest levels yet for existing customers.
The bank has also aligned some of its 5-year fixed rate options with its 2-year fixed products, so customers can fix at the same low rate for longer and have certainty that their mortgage payments won’t increase at a time when other day-to-day costs might be rising.
The products are available to both residential owner-occupied and buy-to-let customers with single residential units once they have reached the end of their initial fixed rate period or their early repayment charges come to an end.
These new product switch rates for existing customers will take effect immediately and are available with no legal or valuation costs
Residential owner-occupied standard range and high loan to value:
- 2-year fixed rates – from 2.50% reduced by up to 0.20% across 70%, 75% and 80% loan-to-value (LTVs)
- 5-year fixed rates – from 2.50% reduced by up to 0.50% across 60% to 90% LTV (all products)
Buy-to-let for single residential units for individual landlords:
- 2-year fixed rates – from 2.70% reduced by up to 0.25% across 60%, 65%, 70% and 75% LTVs
- 5-year fixed rates – from 2.70% reduced by up to 0.65% across 60% to 85% LTV (all products)
Buy-to-let for single residential units for company landlords:
- 2-year fixed rates – from 2.95%, reduced by up to 0.20% across 70% and 75% LTVs
- 5-year fixed rates – from 2.95%, reduced by up to 0.60% to 85% LTV (all products)
Within Aldermore’s eligibility criteria, all existing customers can be considered for a product switch provided their mortgage payments are up to date with us.
All brokers with Aldermore clients will be sent an email notification to let them know they have a client whose rate is coming to an end.
Last year, Aldermore bank launched a new product switch functionality, benefiting customers and brokers alike, with a straight-forward six step online switching process.
Jon Cooper, head of mortgage distribution at Aldermore, said: “I’m delighted to introduce our new product switch range which offers some of our cheapest rates yet and, alongside our streamlined broker switching portal, we’re providing benefits to both brokers and customers alike.
“2022 is a year we want to show our ambition to seek growth and innovation in what services we can provide for our customers and broker partners. This is the next step in that process as we continue to deliver the best products we can and ensure our service is as straightforward and seamless as possible.”
