Aldermore Bank Rises buy-to-let Loan to £1m

Aldermore has increased its loan size for buy-to-let investors to £1m, on 65% loan to value.

It has also removed its requirement for minimum income of £25,000 for experienced landlords.

Rental coverage remains at 125% and earned income will continue to be verified to confirm the applicant’s ability to withstand future interest rate changes and rental voids.

Loans will still be available up to 75% to a maximum of £600,000, while the maximum age for borrowers has recently been increased to 85 and Aldermore now accepts applications from first-time landlords.

The changes apply to all buy-to-let products with immediate effect.

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Sourcev - Landlordtoday.co.uk