Aldermore Bank Mortgages

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Aldermore Bank Mortgages

The Aldermore Bank offers a broad variety of mortgage products to customers all over the UK. Its products are marketed to all kinds of customers, including the self-employed, first-time buyers, and anyone looking to move home. In this brief guide to Aldermore Bank, we are going to take a look at everything you need to know about the lender, as well as some of its key mortgage offerings.

About

The Aldermore Bank has been in existence since 2009, so in terms ot the rest of the market, it is a comparatively new face. Interestingly, the bank’s name - Aldermore - is based on the name of the Alder trees, which is known for its hardiness and ability to grow in all kinds of difficult environments. It’s an apt name, when you bear in mind that Aldermore Bank were created in the wake of the 2008 crisis.

According to the lender’s website, Aldermore take all mortgage applications on its own merits, and for this reason it’s a good starting point for people that are self-employed or who have recently changed their jobs/careers. By the same token, the bank also considers borrowers who may have been declined a mortgage by a major or high street bank, as long as they have a reasonably good credit rating. Now, let’s take a look at some of the Aldermore Bank mortgage products.

Products & features

Aldermore Bank promise to offer its self-employed mortgages at the same competitive rates as employed customers. If you can raise a minimum of 15 percent as a deposit, you may be allowed to show only your previous year’s accounts - otherwise it is three. The bank will also offer you remortgaging for business purposes, and specialise in the first-time buyer market.

However, if you can’t afford a large deposit, Aldermore Bank may still have a solution for you. Its low-deposit - at 5 percent - and its no deposit, Family Guarantee Mortgage are good options for those who have little savings. Aldermore also offer the Help to Buy equity loan scheme.

Do you have a less than perfect credit rating? If so, Aldermore may be able to help with this, too. The bank will offer fixed rate mortgages for up to five years, meaning you can repair your credit score without the worry of increasing interest rates.

The lender also offers Buy to Let mortgages and have a dedicated team of advisors to discuss your needs, and will also consider your application for an extensive range of property types, from single residential units through to ex-local authority properties.

Summary

The Aldermore Bank has an impressive array of products for people that may struggle to find mortgages elsewhere. If you have a less than perfect credit score, are a first time buyer, self employed or any other demographic that can’t get the home of your dreams, it might be worth a look.

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