Aldermore has made changes to its buy to let (BTL) remortgage criteria for properties purchased within the last six months.
The updated guidelines will allow landlords to apply for a remortgage from day one post-purchase, using the current market value of the property, up to a maximum of 75% loan-to-value (LTV).
Previously, the maximum loan for an early remortgage was based on the recent purchase price, plus any improvement costs.
To apply, customers must provide evidence of the original purchase price and any additional funds used.
Aldermore’s underwriters will need assurance that the purchase was made at ‘arm’s length’, such as through an estate agent or auction.
Full property registration at Land Registry will also be required before completion.
The new criteria is available for both portfolio and non-portfolio landlords, and includes free valuation and legal fees.
Jon Cooper, director of mortgages at Aldermore, said: “This provides brokers with an opportunity to help their landlord clients secure better deals based on current market values, potentially unlocking funds for portfolio expansion.”
“With the additional Stamp Duty on second homes increasing from 3% to 5% in the Autumn Budget, landlords are under growing pressure.
“We’re committed to supporting brokers by continually reviewing our products, to ensure customers get maximum value from us.”
