The updates aim to provide more flexibility for the specialist bank’s customers.
- B&C roundtable: BTL lender departures, hybrid products and utopian underwriters
- Aldermore launches VAT loans for commercial mortgage customers
- Aldermore appoints interim business finance managing director
The specialist bank has extended its search insurance, which removes the need for local authority and most other searches.
It has also doubled the cover to up to £2m per property and removed the previous cap on portfolios, subject to a maximum effective debt per asset of £2m.
In addition, it will allow commercial owner-occupiers to borrow up to £1m on an interest-only basis for up to 10 years.
Meanwhile, part-and-part commercial investment and semi-commercial mortgages are also available up to a maximum of 75% LTV.
This comes after Aldermore revealed that it would now offer loans to commercial mortgage customers to cover the VAT payable on commercial property purchases.
Caroline Luxmore, head of commercial mortgages at Aldermore (pictured above), said: “We are committed to responding to and anticipating market needs, challenging the status quo and bringing customers and brokers solutions that let them get deals done and focus on actually running their businesses.
“By building strong relationships with our customers and brokers, we are able to really understand their needs — and develop flexible products and services which help them to grow.”