Head of Content
Mortgage Advisor & Director
Aldermore
What type of mortgage lender is Aldermore?
Aldermore is a specialist mortgage lender that largerly caters for borrowers who might struggle to get approved for a mortgage on the high street.
You can compare the latest rates available from Aldermore with their competitors from across the market for free below:
Compare Aldermore Mortgages Online in Seconds
We work with 90+ mortgage lenders from across the market, including Aldermore. We can help you compare mortgage rates from different lenders and find the best deal for you.
Use our free comparison tool to compare mortgage rates from 90+ lenders in seconds. We'll show you the latest deals from Aldermore and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
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%
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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.
|
Advantages |
Disadvantages |
|
Can be more flexible with criteria as a specialist mortgage lender |
Interest rates may be higher than on the high street |
|
Purchase and remortgage deals with no product fee available |
Deposit requirements can be higher than some specialist lenders |
|
Incentives including free basic legals and cashback available on some deals |
Other specialist lenders offer mortgages based on higher income multiples |
|
Options for borrowers with various types of bad credit |
Limited options for elderly borrowers |
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.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
FAQs
The time it takes for a mortgage to go through can vary with any lender, but according to Aldermore, they take three days to complete the initial underwriting, a further four days to review your documents and get the case ready for offer, and 18 working days in total from underwriting to mortgage offer.