Tag Archives: Aldermore

News Flash – 80% LTV available on New Build Flats!! Buy to Let News, Commercial Finance, Landlord News, Latest Articles

Ever since the Credit Crunch it has been very hard to finance new build flats on Buy to Let mortgages with lenders criteria either a straight No, or at a reduced Loan to Value.

However Aldermore commercial have now released new criteria allowing 80% maximum LTV on new build flats for individual, company applicants and Scottish borrowers 🙂

There is also no minimum income required, no maximum portfolio size and Ex-pats will be considered!Aldermore

Basic Criteria includes:

  • Loan size: Minimum £50,000 (Minimum £100,000 for HMOs and ex-pats)
  • Maximum £1,000,000.
  • Maximum age: 85 years at end of mortgage term.
  • No minimum income (applicants must have a verifiable income source.)
  • Non-homeowners or first-time landlords not accepted.
  • Minimum property value £75,000 for Standard Buy to Let property
  • Minimum property value £200,000 for HMO property (exceptions may apply).
  • Ex-pats will be considered. They must have evidence of UK buy to let experience (tax returns & SA302s); proof of UK citizenship; proof of residency abroad (not PO Box) within last three months; proof of residency in UK within last five years; proof of UK mailing address (not security address); provide a copy of overseas contract and proof of salary (last three months’ bank statements; and, have a UK bank account for rent payments.

Product Range for 80% LTV with a 2.5% arrangement fee starts at:

  • 3 year discount 5.29% reverting to LIBOR+5.00% stress tested at 125% of pay rate
  • 3 year fixed 5.79% reverting to LIBOR+5.00% stress tested at 125% of pay rate
  • 5 year fixed 5.99% reverting to LIBOR+5.00% stress tested at 125% of pay rate

If you need any help with a Buy to Let application you can call me on 01603 489118 or email npatterson@property118.com

Or if you would like to add your own requirements and search for the most popular available Buy to Let products please click here

Buy to Let Mortgage sourcing system and calculator

Buy to Let Mortgage sourcing system and calculator


Buy to Let Mortgage products and market update – essential reading Buy to Let News, Landlord News, Latest Articles

Having just updated the Buy to Let mortgage products on our own in house Buy to Let Mortgage sourcing system and calculator I thought I would give you a summary of what’s Hot or Not in the current market.

Virgin Money have been added to the system because of their helpful attitude and criteria which includes:

  • Day one remortgages – So no need to wait 6 months to remortgage for cash purchases, refurbs, Auction purchases etc
  • First Time Buyers
  • Regulated Buy to Let

However Maximum LTV is 70%. Stand out different product is a 5 year fixed at 4.09% with £750 Cash Back and 2.5% product fee (better for smaller loan sizes where looking to fix costs long term is important.

The Mortgage Works (TMW) always been and old favorite of mine going back to 2003 have a selection of 80% LTV products and no income requirement for existing landlords.

Interestingly they have no longer term products currently above an initial 2 year deal. This will either be because they have purchased no long term funds or are uncertain of market direction at the moment. Example products range from:

  • 2.49% two year fixed with 2.5% arrangement fee at 60% LTV (really only a headline grabber) to
  • 4.14% 2 year fixed 2.5% fee at 80% LTV (one of the lower interest rate high LTV products)

BM Solutions were the old industry go to lender until introducing a maximum exposure of 3 mortgages, but still have one of the most comprehensive range of products up to 75% LTV.  They are also often helpful for flats above or adjacent to commercial premises.

  • 3.19% 2 year tracker £1295 fee 60% LTV
  • 3.89% 2 year tracker 0.5% fee 75% LTV
  • 4.34% 3 year fixed 1% fee 75% LTV
  • 4.99% 5 year fixed 1.25% fee 75% LTV

BM Solutions have NO customer service staff so any mortgages or further advances even must be done by a broker.

Kent Reliance are really mostly famous for being THE 85% LTV lender.

However minimum property value £75,000, proof of £25,000 income required stress tested at 192 times monthly rental income.

  • 4.99% 2 year fixed 2.5% fee 85% LTV reversion rate 6.58%
  • 4.89% 2 year discount 2.5% fee 85% LTV reversion rate 6.58%

Aldermore have a good range of 80% LTV products at 4.98% including 2, 3 and 5 year fixed and a varibale rate for the term. They will do day 1 remortgages for properties bought with a bridging loan on a like for like basis and inherited properties.

They will also consider customer with light adverse credit which very few lenders will allow including:

  • 1 or 2 missed mortgage payments over 12 months
  • CCJs and Defaults registered over 3 years ago
  • Missed unsecured credit payments such as credit cards, mobile phone, loans et

Principality have a penalty free no tie in 2 year discount product at 3.39% with only a 1% + £99 fee at 60% LTV.

Also interestingly they will consider Holiday Homes on their BTL range!

Godiva owned by the Coventry building society are the “Does what it says on the tin lender” I liken them to the Yorkshire tea, or a sliced white loaf of a the buy to let product market. Nothing spectacular just a good solid no frills value for money products.

  • 3.49% variable penalty free for the term of the loan, £999 fee max 65% LTV (very good value with flexibility)
  • 3.79% 2 year fixed, £500 fee max 65% LTV
  • 4.74% Standard variable penalty free no fee max 65% LTV

Cost and product wise the market has been reasonably stable with small improvements adding up each month giving a healthier range of options available especially in niche areas such as:

Terms beyond retirement age, Bridge to Let, Remortgages inside 6 months, Ltd company applications, Higher LTV, Lower fees, Light adverse, Holiday let and more.

All of the above products, lenders and many more can be found by using our Buy to Let calculator and quote engine Please Click Here

If you need any assistance with a Buy to Let mortgage you can also:

Email: info@property118.com or

Telephone: 01603 489 1182013


Aldermore offer Buy to Let for customers with light adverse credit Buy to Let News, Latest Articles

Since the credit crunch it has been extremely difficult for anyone without a perfect credit history to obtain a Buy to Let mortgage. Mainstream lenders have not been interested in entertaining any mortgage arrears, CCJs or defaults until now.

Aldermore have changed their Buy to Let criteria  allowing a mortgage to be considered for customers who have had:

  • 1 or 2 missed mortgage payments over 12 months
  • CCJs and Defaults registered over 3 years ago
  • Missed unsecured credit payments such as credit cards, mobile phone, loans etc

In recent years most options open to Buy to Let customers with any adverse credit would have cost 8-10% and even up to 15% for more serious cases.

This is obviously a very clever attempt to capture market share in a niche area, but really does help a lot of investors who have had a blip and are still a good risk

The Aldermore Product range starts from:

  • 3.98% for a 2 year fixed fee 2.5% at max 75% LTV
  • up to 4.98% with £1,999 fees for their 80% LTV products.

Aldermore Criteria includes:

  • No minimum income for experienced Landlords or £25,000 min for First time Landlords
  • Min Value of a property £75,000
  • No DSS tenants
  • Max 5 properties with Aldermore

You can get a full quote on our Buy to Let mortgage sourcing Calculator if you wish (CLICK HERE)

Or if you need any help with a Buy to Let application

Email: info@property118.com

Tel: 01603 489118Aldermore


BuytoLet Lender BM Solutions allows Student and Benefits tenants Buy to Let News, Landlord News, Latest Articles, Property News

BMSBM Solutions relaxes its BuytoLet lending criteria to allow landlords to rent to students and benefit claimants

It was recently reported that BM Solutions was looking at changes to its BuytoLet underwriting criteria and the rumors were that they would be looking to remove its £25,000 minimum income requirement.

The initial reaction by some market commentators was that to remove the £25k minimum income would lead to the door being opened to low income households who are more at risk of defaulting, albeit that it could open the door to buyers outside of London, and would be of particular help for self-employed clients.

Another rumored criteria change was regarding the Lloyds restriction on its BuytoLet criteria which only allows a maximum of three buy-to-let properties per customer, across the whole of the Lloyds Banking Group (which now includes major lending brands such as BM Solutions, Halifax, C&G).

So, what has changed? How have BM Solutions relaxed their criteria? Previously, the lender’s list of exclusions included student lets, tenants claiming housing benefit, rent rebates or rent allowance, asylum seekers and tenants benefiting from diplomatic immunity.

With immediate effect BM Solutions has now adjusted its criteria to allow BuytoLet landlords to rent properties to students and benefit claimants. They are also now willing to offer loans on properties with a maximum of five occupants, a stipulation attached to all properties, although BM Solutions has never lent on House of Multiple Occupation, where tenants sign individual tenancy agreements and this still hasn’t changed.

This news comes just over a week after The Mortgage Works has also in dropped its restriction on lending to landlords with tenants who are on housing benefits.

Other lenders which will lend to landlords with student tenants include The Mortgage Works, Godiva, Abbey for Intermediaries, Woolwich, Aldermore and Virgin Money.

Howard Reuben, Principal of H D Consultants says that these most recent criteria changes are testimony that Lloyds is pursuing more business. He says “This criteria update appears to back up the news that BM Solutions is looking increase business via criteria rather than chasing the rate. This is a controlled measure which will provide some relief to a number of landlords”

From 19th March, BM Solutions has announced new semi-exclusive products starting at 3.89% up to 75% LTV available for purchase and remortgage, and which also benefits from a £500 cashback too.

To discuss any Buy-to-Let deal with our preferred broker please call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here

Buy to let auction property finance calculator


Brokers Review of Aldermore Bank’s Buy to Let Mortgages Buy to Let News, Landlord News, Latest Articles, Mortgage News, Property Investment News, Property News

Aldermore Bank have recently refreshed their buy to let rates and terms. I asked my mortgage broker what he thought and what the interesting features are for buy to let landlords within the Aldermore product range.

His response was:-Brokers Review of Aldermore Bank's Buy to Let Mortgages Continue reading Brokers Review of Aldermore Bank’s Buy to Let Mortgages


Life Insurance for Landlords – IFA readers letter Buy to Let News, Cautionary Tales, Financial Advice, Landlord News, Landlords Insurance, Latest Articles, Property Investment News, Property Investment Strategies, Property News

Howard Reuben

IFA Howard Reuben

As an avid reader of Property118.com I was very interested to read a couple of recent articles 1) Should landlords buy life insurance and 2) What happens when a landlord dies –  both of which touched on the subject of what happens to the BTL mortgage contract if a borrower / landlord dies and also what happens to the property(ies) in this situation too.

What caused me to carry out some further detailed research in this matter, however, is that it was quite clear, not only from the comments left by readers but from my own experience as a Financial Adviser with 20 years business practice working in the BTL mortgage and insurance sector, and also as a portfolio landlord myself, that different people think different things will happen to their estate when they die. Continue reading Life Insurance for Landlords – IFA readers letter


BuytoLet news round up Landlord News, Latest Articles, Property News

Despite the economic uncertainty surrounding Europe BuytoLet products have remained very stable in terms of pricing to the consumer. It will be interesting to see if the Bank of England’s offer of £80 billion in cheap long term loans to the UK banking system specifically for the purpose of increasing lending will have a positive effect on BuytoLet availability and cost.

After the recent LIBOR (London Inter Bank Offered Rate) fixing scandal it is good to see this rate being reduced for buytolet borrowers. Mortgage Trust part of the Paragon group have reduced their LIBOR from 1.1% to 0.9% and Keystone mortgages who specialise in limited company, multi-let and HMO applications have reduced their LIBOR from 1.1% to 1.05% Continue reading BuytoLet news round up


Ageism in BuyToLet mortgages? Myths dispelled Buy to Let News, Landlord News, Latest Articles, Mortgage News, Property Investment News, Property Investment Strategies, Property News

Chances are that when you reach your 70’s your BuyToLet lender will expect your mortgage to be repaid but is this ageism in BuyToLet mortgages justified and are there any BuyToLet mortgage lenders taking an alternative view?

This is a question that’s been filling my business partners email inbox this morning. Well if you are into or approaching your 70’s I have some very good news for you!

Continue reading Ageism in BuyToLet mortgages? Myths dispelled


When is family not family for BuyToLet mortgage purposes? Buy to Let News, Financial Advice, Landlord News, Latest Articles, Property Investment News, Property Investment Strategies, Property News

I received an email today from one of the Financial Advisers we have a close working relationship with. I’ve decided to share it with you on the basis that we know several people invest into BuyToLet properties with a view to letting them to family members.

Good morning

I was asked by one of my clients last week whether he could buy a property to let out and rent it to his niece. That should have been a fairly straightforward question to answer with my knowledge and experience, but I had a niggle at the back of my mind so I thought I would check it out …. and what a mix of answers I got! Continue reading When is family not family for BuyToLet mortgage purposes?


Spotlight on two 80% Buy to Let products Buy to Let News, Latest Articles, Property Investment Strategies

Two similar products – look at the detail.

This is an example of the terms, criteria and costs I would consider for Landlords looking to borrow 80% Loan to Value and minimise the capital required to purchase a property, or maximise the amount of equity that can be released. Below are two very similarly priced products from different lenders and how they could be assessed. Continue reading Spotlight on two 80% Buy to Let products


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