Aldermore announces product details

Loans for house purchases and remortgages will be available up to 80% LTV, with two-year discounts starting from 3.98% and three- and five-year fixed rates starting from 4.93%.

Aldermore buy-to-let mortgages will be available up to 75% LTV for the purchase or remortgage of a single property, with two-year discounts starting from 4.98% and three- and five-year fixed rates starting from 5.78%.

Colin Snowdon, Aldermore's chief executive of residential mortgages, confirmed to Mortgage Solutions yesterday that its product range launch was "imminent".

Products from the lender will be available exclusively through intermediaries and target creditworthy borrowers penalised by automated credit scoring systems and buy-to-let investors unable to refinance or remortgage due to the lack of buy-to-let funding.

The lender is working with a small group of brokers, chosen in conjunction with its panel of distributors, to process a limited number of mortgage applications as part of the final stage of its systems testing.

It said that if the final testing is successful, it will launch for business "during the next few weeks".

Initially, products will be available to a select panel of intermediaries, via networks and clubs, including 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgage Next, Pink, PMS, PTFS and Sesame.

Appointed representatives and directly authorised mortgage brokers will need to register via their network or club before they can submit applications online.

Snowdon said: "I'm delighted that we're now able to announce our product range and are finally processing real mortgage applications. Our current testing programme, which is being undertaken with the help of a small number of brokers, is proceeding well and I hope to be able to announce a launch date very soon.

"Our testing has shown that it will take brokers no more than a few minutes to submit a case online and get a decision in principle and we have a team of experienced underwriters here in Wilmslow who are ready to help applications complete as quickly as possible.

"I encourage brokers to now go online and see for themselves what we have to offer. We are taking a fresh perspective on the mortgage market, with a range of products designed to help creditworthy borrowers who are being frustrated by onerous credit scoring systems and a lack of available funding.

"We promise that when we do open our doors for business, brokers will receive a reliable and refreshingly straightforward service which is delivered by market-leading technology and a team of highly experienced mortgage experts."