Aldermore is allowing borrowers to remortgage their owner-occupied property to a buy-to-let mortgage.

The bank will now look at applications for the onward purchase of a new residential owner-occupied property where the home is to be let and the purchase of the new property is subject to a maximum loan to value of 80%.

Aldermore has already made some changes to its residential mortgages and buy-to-let mortgage range this summer, and recently announced it was to offer free valuations on bridging loans for a limited period of time.

“These changes provide greater flexibility for borrowers and are part of our commitment to continually improve our products and services for all mortgage customers,” said Charles Haresnape, Group Managing Director of Mortgages at Aldermore.

“Extending our let to buy mortgage offering is a key milestone in Aldermore’s development. It allows home owners that wish to move, but who do not want to sell their house or are unable to, to purchase another property.”