Aldermore enhance buy-to-let products and hire in Scotland

Aldermore enhance buy-to-let products and hire in Scotland


The new British bank has made a number of developments in recent days, in both lending policy and recruitment.

There has been an enhancement of its buy-to-let range of mortgage products, with the stand-out changes being an increase of the maximum loan size to £1 million, and the removal of the minimum income requirement of £25,000 for experienced landlords.

Rental coverage remains at 125 per cent of the pay or revert rate (whichever is the higher) and earned income will continue to be verified to confirm the applicant’s ability to withstand future interest rate changes and rental voids.

Loans will still be available up to 75 per cent, to a maximum of £600,000. The maximum age for borrowers has recently been increased to 85 and Aldermore now accepts applications from first time landlords. The changes apply to all buy-to-let products with immediate effect.

Charles Haresnape, Managing Director of Residential Mortgages at Aldermore, said: “These changes make what is already a competitive product range even more appealing. Earlier this month we launched a summer special two-year fixed rate of just 4.18 per cent, which is available up to 75 per cent LTV and we’re also offering further fixed, discounted and variable rate deals. The combination of attractive rates and accommodating criteria give brokers and their clients even greater choice.”

The bank has also appointed Andrew Curry as the new Regional Operations and Risk Director of its invoice finance business in Scotland.

Andrew’s new role gives him responsibility for ensuring Aldermore continues to deliver a high quality, fast and reliable service to its clients based north of the border. He is also responsible for the management of risk within the bank’s Scottish loan portfolio. Andrew is based in Aldermore’s Glasgow office and reports to Richard Waldman, Regional Managing Director for Scotland.

Andrew Curry said: “I’m delighted to have joined the UK’s fastest growing invoice finance business at such an important time in its development. Small and medium sized businesses here in Scotland are an important part of the UK economy and Aldermore has a competitive range of finance facilities designed to help take the pressure off their cashflow.”

Richard Waldman, Regional Managing Director in Scotland for Aldermore Invoice Finance, said: “It’s great to have Andrew onboard. I have no doubt that, with his extensive experience of the invoice finance industry, he will be able to make an immediate contribution to our business. I would like to wish him the very best for the future.”

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