British challenger bank Aldermore has updated its range of residential buy-to-let mortgages to include the following:

• A market leading* term variable rate of 4.98 per cent available to 80 per cent LTV (previously only available to 75 per cent LTV) and at 4.48 per cent to 75 per cent LTV (a reduction of 50bps – was previously 4.98 per cent);

• A market leading* two-year fixed rate of 4.98 per cent available to 80 per cent LTV (a reduction of 80 bps – was previously 5.78 per cent);

• A five-year fixed rate** of 5.48 per cent available to 80 per cent LTV (a reduction of 50bps – was previously 5.98 per cent) and at 4.98 per cent to 75 per cent LTV (a reduction of 30bps – was previously 5.28 per cent).

Aldermore has also reduced the term variable rate on its residential range of mortgages to 3.98 per cent (was previously 4.28 per cent).

These buy-to-let mortgages are available on portfolios of up to five properties per individual applicant and capital raising is allowed up to 80 per cent LTV.

Aldermore does not credit score and there is no minimum income requirement for buy-to-let mortgage applications from existing landlords.

Charles Haresnape, Managing Director of Aldermore Residential Mortgages, said: “These rate reductions, combined with an increase in maximum LTV to 80 per cent on our most popular products, will help landlords expand their portfolios at a time when property rental values are forecast to rise by another 2 per cent during 2013.” ***

Aldermore has lent more than £2 billion (a combination of commercial mortgages, residential mortgages, asset finance and invoice finance) since first opening its doors for business in the summer of 2009.

* Rates quoted as being market leading are based on Trigold’s rankings for BTL loans up to 80 per cent LTV as at 5pm on Tuesday 29th January, 2013.

** The five-year fixed rate is ranked number two by Trigold for BTL loans to 80 per cent LTV as at 5pm on Tuesday 29th January 2013.

*** Source of forecast: Rightmove rental Forecast 2013.