Aldermore makes changes to its mortgage range

Aldermore has made changes to its lending criteria, so you can say ‘yes’ to more clients

Their team is constantly looking for ways to help more of your clients who need a specialist approach to lending. Once again they’ve listened to your feedback and here’s their latest changes that support with affordability and give you more options to say ‘yes’ to your clients.

Increasing self-employed lending limits:

They’ve increased their maximum LTV to 90% from 85% for owner occupied self-employed customers with less than 2 year's trading.

  • Customers with 1 years’ accounting information will be considered, but we’ll also require their last 3 months business and personal bank statements
  • They may request other supporting documentation, such as evidence of previous employment in similar lines of work, guaranteed income for next accounting period or accounts for the first 6 months of the current financial year that demonstrate the income is stable or increasing
  • They’ve increased their allowable income.
  • They’ve increased the percentage of income sources that can be used as part of a client's affordability on both owner occupied and buy to let applications.
  • They now use 100% of evidenced income on overtime, bank nursing, universal credit, working tax credit, child tax credit and disability allowance
  • They’ve also now use 75% of evidenced income on commission and bonus, up from 50%
  • They’ve increased their offer validity period:
  • They’ve increased their standard offer validity period on new applications from 90 to 120 days to give you extra time and flexibility to complete your case.
  • This change affects all applications submitted from 26 February 2024. All offers issued before this date will remain unchanged
  • If you’re unable to complete within 120 days, your application will need to be rekeyed as we’re unable to accept extensions beyond this time
  • There’s no change to the offer validity period for new build applications, this remains at 180 days

For more information on the changes, please access Aldermore’s criteria guides.