Aldermore has announced a refreshed focus on residential homeowners with the launch of new limited edition mortgage products and a significant increase in loan-to-income (LTI) limits across its owner-occupier range.
The specialist lender’s new residential rates, available immediately, include zero-fee two-year fixed products up to 95% LTV.
Among the new offers are 5.94% up to 85% LTV, 5.99% up to 90% LTV, and 6.29% up to 95% LTV under its Level 1 range.
Level 2 options include 6.48% up to 85% LTV and 6.64% up to 90% LTV, also with no fees.
In addition to the new products, Aldermore has raised its maximum LTI limits to help more borrowers meet affordability criteria.
Customers with a household income of more than £60,000 can now borrow up to six times their income at sub-80% LTV, while those earning between £40,000 and £60,000 can borrow up to 5.5 times income at the same LTV.
Borrowers with incomes below £40,000 can now access up to 4.75 times income at lower LTVs.
The revised criteria are designed to boost borrowing power and help first-time buyers and home movers access higher loan amounts in a competitive market.
For example, a household earning £70,000 could now borrow around £35,000 more with a 20% deposit, while a family on £45,000 could access over £20,000 extra with just a 5% deposit.
Jon Cooper, director of mortgages at Aldermore, said: “Aldermore backs people who want to make things happen, whether it’s buying your first home, moving up the ladder, or investing in property.
“We’re reigniting our residential mortgage proposition, and brokers will see targeted enhancements to our owner-occupier range in the months ahead.
“I’m especially pleased to announce higher LTI limits. For many clients, this could be the difference between securing their home or missing out, and this offers a real opportunity for brokers to deliver more for their customers.”
Aldermore said the changes form part of a wider plan to re-energise its residential lending proposition, with further developments expected over the coming months.
