From Wednesday 29 July, Aldermore will launch a new five-tier lending approach designed to help brokers find solutions for more customers whose circumstances may not fit traditional high street criteria.
The enhanced proposition broadens the support available for first-time buyers with smaller deposits (only 2% with no minimum applied), self-employed applicants, company directors and contractors, as well as customers with complex income or a history of adverse credit.
By introducing five distinct lending tiers, Aldermore will be able to consider a wider range of individual circumstances and help brokers identify the most appropriate solution for each customer.
Greater flexibility across the residential range
As part of the launch, Aldermore has introduced several enhancements to its residential lending criteria, including:
- An increase in the maximum loan-to-value limit to 98% for employed customers
- Acceptance of unsecured credit or utility bill arrears
- Increased tolerance for county court judgments and defaults
- More flexible treatment of secured credit arrears
“We know brokers are supporting customers with increasingly diverse financial circumstances, and they need lenders that can take a more specialist approach. Whether a customer is self-employed, has multiple income streams or is recovering from a previous credit issue, they deserve a fair assessment of their individual circumstances.
Our enhanced five-tier cascade range gives brokers greater flexibility to support more residential clients across a broader range of credit profiles, making it easier to find the right lending solution with confidence. It’s another step in our commitment to helping customers who don’t fit traditional high street criteria move closer to homeownership. We’ll continue to invest in our proposition, with further product enhancements to be announced later this week.”
Jon Cooper, director of mortgages at Aldermore
