Aldermore is still offering buy-to-let products up to 75% loan-to-value, as well as residential purchase and remortgage products to 85% LTV.
The bank said the change will allow it to focus on supporting existing customers
Jon Cooper, head of mortgage distribution, Aldermore, said: “It has been an extraordinary few weeks for the industry and the country as a whole, and this has led to the necessary decision to temporarily reduce our options for new customers.
“Our aim is to continue to support the market as much as possible while we work hard to maintain the service required to our customers during this worrying time for many.
“We fully understand and appreciate this is a period of stress and anxiety for many customers and we are focused on providing them with the service and flexibility they expect and need at this time.
“We would like to thank all our customers and brokers for their patience and understanding at this time – we are here to get through this together.”
Due to physical valuations becoming impossible under the government restrictions, Aldermore has in general moved towards remote valuations for owner-occupied properties and buy-to-let single unit applications.
Where remote valuations are not possible, Aldermore is currently working through how this can be remedied. More complicated valuation cases are currently on hold.
The following residential products are available:
- Standard 70-80% LTV with a £999 fee for purchase and remortgage
o 2 year fixed 70% LTV from 3.18%
o 5 year fixed 70% LTV from 3.38%
- 85% High-LTV with a £999 fee for purchase and remortgage
o 2 year fixed at 4.08%
o 5 year fixed at 4.28%
This post has originally been featured in Property Wire.