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Aldermore has expanded its buy to let range to support landlords feeling restricted by government and regulatory changes.
Specialist bank Aldermore has released a new buy to let multi-property remortgage product for landlords. The new release, which is limited edition, does not come with any calculation or product fees and is available with free standard legal fees. The product will be offered to customers with an existing Aldermore mortgage, new customers who are submitting a second or subsequent remortgage application or submitting multiple applications at the same time.
The Aldermore deals are immediately available, although for a limited period. They include a five-year fixed rate of up to 75 per cent of the property’s value at 3.48 per cent and another that is up to 80 per cent of the property’s value at 3.78 per cent. The aim behind the release is to support individual landlords, many of whom have been suffering under a deluge of regulatory conditions in comparison to portfolio landlords.
Over two fifths, or 41 per cent of portfolio landlords aim to expand their portfolios in the next 12 months. In contrast, one in 10 or 12 per cent of individual landlords aim to purchase more properties.
`Director of mortgages at Aldermore, Damian Thompson, said: ‘The buy to let sector plays a pivotal role in the housing market so we are pleased to launch our latest product. The limited edition products provide further support to landlords looking to remortgage one or multiple properties at the same time. The buy to let market has experienced vast amounts of change over the past two years, due to a multitude of regulatory, underwriting and tax changes. Our recent research shows that individual landlords are feeling the force of these changes, as they are less optimistic than portfolio landlords, about the opportunity the buy to let market currently offers’