Aldermore Mortgages

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Last updated on 08 March 2021.

Aldermore Mortgages FAQ

Who are Aldermore?

Aldermore is a specialist mortgage provider. Founded in 2010, they have helped numerous businesses and individuals save money and acquire property during their first decade of operations. They offer a range of business and personal savings accounts for consumers looking to build their savings; these include savings accounts and cash ISAs.

Cash ISAs are a type of savings account that pay interest free from income tax. They are often used as a method of saving money to accrue a large deposit to put towards a mortgage.

What types of mortgages do Aldermore provide?

Aldermore offer a diverse range of mortgages for both individuals and businesses.

Below are Aldermore’s mortgage products:

  • Buy-to-let mortgages
  • Buy-to-let mortgages for limited companies
  • Self-employed mortgages
  • Low deposit mortgages
  • Less than perfect credit mortgages
  • First-time buyer mortgages
  • Remortgages
  • Moving home

As you can see from their range of traditional mortgages and mortgages aimed at buyers who might struggle to find mortgages to suit their circumstances on the wider market, Aldermore have a solution for almost all buyers.

What are Aldermore’s mortgage rates?

As with all mortgage providers, the rate you’ll be able to acquire will depend on the type of mortgage you apply for and your individual circumstances. Your credit score will impact the APR you’ll be offered on the mortgage you apply for. Typically, the higher your credit score, the lower your mortgage APR. Mortgage providers outline headline rates, but they only have to offer a certain percentage of applicants this rate. It’s important to take into account a mortgage’s APRC —or annual percentage rate of charge — the rate of a mortgage after the initial period runs out.

Am I eligible for a mortgage?

Each mortgage provider has a set of lending criteria they take into account when assessing whether they would be willing to lend to a mortgage applicant. When you make an Aldermore mortgage application, they will assess your ‘financial affordability’. This means they are keen to understand whether you can afford the mortgage repayments. To determine this, they will explore your finances. This includes your salary, debt and regular monthly outgoings. Lenders are interested to see how much you regularly spend on the likes of utility bills, childcare costs, subscriptions, grocery shopping and direct debits. This is because the amount you spend on a monthly basis will impact your ability to comfortably meet mortgage repayments.

To be eligible for a mortgage, you will also need to meet some basic requirements, which will vary between lenders. Some of the most common eligibility criteria that are assessed include: the amount you’re looking to borrow, your credit rating, your financial circumstances, job security (the longer you’ve been in a job the better) and deposits.

How can I build a deposit for a mortgage?

By saving a regular monthly sum, building up enough savings to put towards a deposit for a mortgage is achievable for most. Your savings will grow by using savings accounts, such as savings ISAs. For those that are unable to save, or want a mortgage as soon as possible, low deposit mortgages can make your dream of home ownership become a reality. Explore Aldermore’s low deposit mortgages to find out more.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE