Products include a two-year fixed rate at 5.08% and a five-year fix at 5.28%
Aldermore has reintroduced its 95% loan-to-value (LTV) mortgage offering to first-time buyers (FTBs) for a limited period, particularly aimed at the self-employed or those have had credit issues in the past.
The 95% LTV range will be available from today for a limited period, with the view to reintroduce it permanently in the near future.
Products include a two-year fixed rate at 5.08% and a five-year fix at 5.28%, both with a £999 fee.
Aldermore has also reduced rates across its 85% and 90% LTV products.
At 85% LTV rates have been reduced by 30bps, with a two-year fixed rate now available at 4.08% and a five-year fix from 4.28%.
At 90% LTV rates have seen reductions of up to 60bps, with rates now starting at 4.78% fixed for two years and 4.98% fixed for five years.
All products come with a £999 product fee.
Jon Cooper, head of mortgage distribution at Aldermore, commented: We’re delighted to be one of the first lenders to reintroduce our 95% LTV proposition to meet the strong demand from first-time buyers right now.
Lockdown has given many people the chance to focus on their long term goals and, with three fifths (63%) of first-time buyers saying they are now more motivated to buy, we want to provide greater choice and opportunity to help new buyers realise their dreams of becoming home owners. While initially introduced for a limited time period, we look forward to permanently introducing our 95% LTV proposition in the near future, Cooper said.
He said that Aldermore has been a big supporter of the Help to Buy scheme since 2013 and continue to support the equity loan and ISA products. But as the market has evolved rapidly the past few years, we believe we can serve low-deposit first-time buyers better going forward, in particular those that are self-employed or that have had credit issues in their past, with our own products and services independent of the scheme.
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