Aldermore has reintroduced a range of mortgages designed to help borrowers who have experienced credit difficulties.
Aldermore’s adverse credit deals are organised over three levels of criteria that depend on the borrower’s credit profile.
Each level allows the borrower to have varying degrees of missed secured and unsecured loan payments.
Levels one and two, which have rates starting from 5.44% and 5.84% respectively, are available up to 95% loan to value (LTV), while level three, which comes with a 6.34% rate, is offered up to 80% LTV. All tiers carry a £1,999 arrangement fee.
Combined county court judgements (CCJs) and defaults up to £300 per applicant will now be ignored across all levels of criteria, as will historical mortgage arrears.
For level three, mortgage arrears are accepted as long as they did not occur in the last six months. The same rule applies to CCJs and defaults.
A maximum of three missed unsecured loan payments in 12 months are allowed as long as the customer is currently up to date.
Jon Cooper (pictured), director of mortgage distribution at Aldermore, said: “We’re aiming to offer more people the option to achieve their homeownership goals. We back people to go for it in all walks of life; more choice for borrowers, increased resources for broker partners and, ultimately, greater outcomes for those we serve. These latest changes cater to the diverse needs of today’s homebuyers, with Aldermore’s expert team on hand to unlock new possibilities for our customers.”
Last month, Aldermore added limited-edition BTL deals and cut rates.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.
