Aldermore, who say that their aim is to ‘take a fresh perspective on markets that have been poorly served by traditional banks’, have recently launched a number of fixed and variable rate remortgage deals. The new deals, open to both residential borrowers and buy to let borrowers, have no completion fees, no valuation fees and no legal fees.
The lender, who deal only through intermediaries, is offering residential borrowers a three year fixed rate of 5.83 per cent or a term variable rate of 5.33 per cent and buy to let borrowers can expect a 5.88 per cent variable. Aldermore have also reduced the rate of their two year fixed rate to 4.98 per cent for remortgages and purchases up to 80 per cent Loan to value, although there is a completion fee of £1,999 attached to that particular deal.
Charles Haresnape, Managing Director of Residential Mortgages at Aldermore, comments:
“The remortgage market has traditionally formed the bedrock of mortgage brokers’ business, but over the past couple of years it’s been desperately in need of a kick-start.
Aldermore has done just that by launching fixed and variable rate remortgage deals with no completion fees, no valuation fees and no legal fees. We’ve removed all barriers to remortgaging and hope this gives brokers that much-needed new business boost they’ve been waiting for.”
Of course it still means that first time buyers have to find a 20 per cent deposit but is this a step in the right direction?
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