What kind of mortgages do they offer?

Many of the mortgages they offer are for applicants with bad credit, self-employed individuals and buy-to-let landlords.

Although Aldermore has a wide range of products available, including first-time buyer exclusives, commercial mortgages and remortgage deals, approaching them directly isn't recommended. Speaking to a mortgage broker first will open up the entire market to you, so you can compare their product range with every possible alternative.

What interest rates are available?

Aldermore's mortgage interest rates can vary depending on the type of product you take out, the amount of deposit you have and your credit history, among other factors. At the time of writing (October 2024), here are some examples of their latest mortgage deals:

• 2 year fixed: 6.59% 
• 5 year fixed: 5.99% 
• 2 Year Discount: 6.88% 
• Reversion Rate: 9.53% 
• Product fee: Free for existing customers 
• Aldermore also offers loyalty rates for existing borrowers, including product transfer rates as low as 2.50%

• Aldermore Managed Rate (AMR): The standard variable rate for residential and buy to let mortgages, which was reduced from 9.73% to 9.53% this month. All new mortgage offers, ESIS and existing tracker deals now reflect the new AMR.

What kind of reviews does Aldermore have?

Aldermore has received generally positive reviews from customers, currently holding a rating of 4.5/5 on review service TrustPilot, based on feedback from more than 4,000 people. In addition, Time Money Mentor gave the bank a review score of 70% when assessing all of its products and services in the spring of 2023.

Pros and cons

The table below shows the advantages and disadvantages of Aldermore's mortgage products at a glance.

Lending criteria

Below you will find an overview of the general lending criteria for Aldermore's residential mortgage range:

• Term lengths: mortgage terms of between 10 and 40 years are available.
• Income: Aldermore will accept 100% of basic salary for employed applicants plus between 50-100% of supplemental income, depending on its source. Self-employed applicants need two years' trading history (minimum).
• Age: The oldest applicant cannot be any older than 70 by the end of the term. A minimum age of 21 also applies.
• LTV: The lenders standard residential rage has an LTV cap of 80%, meaning you would need 20% deposit, while its high LTV range goes up to 90% (10% deposit). Aldermore do not offer 95% LTV mortgages or 100% mortgages for applicants with no deposit.
• Credit history: Aldermore will accept borrowers with most types of adverse credit, often with conditions. Very severe forms of adverse such as bankruptcies and debt relief orders need to have been discharged for at least six years.

Please note that Aldermore has specific criteria for other product types, such as buy-to-let and commercial mortgages.

How do they calculate affordability?

Aldermore will cap your maximum borrowing at 4.5 times annual salary, taking the combined income of all applicants into account. 

You can see how this income multiple compares to others that are used across the mortgage market by entering your income into the calculator below:

Buy-to-let mortgage range

Aldermore's buy-to-let mortgage range includes products aimed at:

• First-time landlords: Provided they have a minimum income of £25,000
• Experienced landlords: With no income restrictions as long as they have at least six months' letting history. Top slicing is available on a range of income types
• HMO buyers: Options for landlords purchasing this property type or multi-unit freeholds with a value of up to £10 million
• Portfolio landlords: Will accept one application for up to 30 properties, with an affordability stess test across them all 
• Holiday let mortgages: Are not currently available from Aldermore

Some of the latest buy-to-let mortgage rates available from Aldermore include:

• 5 year fixed with zero fee: 5.59% to 75% LTV.
• 5 year fixed with 1.50% fee: 5.29% to 75% LTV.
• 5 year fixed with 5.00% fee: 4.59% to 75% LTV.
• 2 year fixed with 3.00% fee: 4.69% to 75% LTV.

You can compare buy-to-let mortgage rates from Aldermore with deals from across the market for free through Teito, and we have whole-of-market brokers on hand to help

How to compare Aldermore mortgages

It's important that you compare Aldermore's product offering with what's available across the entire market. Even if you believe that Aldermore is the right lender for you, it doesn't hurt to rule out the possibility that there's a more suitable mortgage available elsewhere.

Through Teito's free service, you can browse Aldermore's product range and compare it with the alternatives. You can also access support from a whole-of-market broker through us to further increase your chances of landing a favourable rate on the terms that you need.