Compare Mortgage Rates from Aldermore Against the Market

Compare Aldermore mortgage rates online

Aldermore is a specialist mortgage lender that largerly caters for borrowers who might struggle to get approved for a mortgage on the high street.

You can compare the latest rates from this lender against more than 90 others by using our free mortgage sourcing tool below:

What kind of mortgages do they offer?

Many of the mortgages they offer are for applicants with bad credit, self-employed individuals and buy-to-let landlords.

Although Aldermore has a wide range of products available, including first-time buyer exclusives, commercial mortgages and remortgage deals, approaching them directly isn't recommended. Speaking to a mortgage broker first will open up the entire market to you, so you can compare their product range with every possible alternative.

Lending criteria

Below you will find an overview of the lending criteria for Aldermore's residential mortgage range:

• Term lengths: mortgage terms of between 10 and 40 years are available
• Deposit source: Aldermore are fairly flexible with gifted deposits, accepting them from broader family members, such as aunts and uncles
• Income: Aldermore will accept 100% of basic salary, plus up to 100% of a second income, providing there is at least 3 months history available. They may also consider benefit income, such as universal credit
• Self-employed: Will accept a minimum of 12 month's of history, and consider the latest year's income in a flexible way, depending on the applicant. They will also consider CIS contractors as employed borrowers with at least 12 months worth of contract history. Zero hour contractors also considered on a case-by-case basis
• Age: The oldest applicant cannot be any older than 75 by the end of the term. A minimum age of 21 also applies
• LTV: The lenders standard residential rage is available at up to 95% LTV, with bad credit borrowing available between 80-90% LTV, depending on the severuty and age of the credit issues
• Credit history: Aldermore will accept borrowers with most types of adverse credit, often with conditions. Very severe forms of adverse such as bankruptcies and debt relief orders need to have been discharged for at least six years, however, debt management plans are considered after 12 months of successful repayment
• Buy-to-let: Aldermore specialise in buy-to-let lending, offering products for all business structures, from independent landlords to SPV and trading companies. They allow up to 6 applicants on BTL products, and will consider an MFU with up to 4 units, as well as up to 6-bed HMOs, as well as portfolio lending
• Let-to-buy: This type of borrowing arrangement is available to accidential landlords looking to move, but can also be used in other scenarios. They also allow concessionary purchase for landlords looking to provide a discount to current tenants who want to buy their rented property

What interest rates are available?

Aldermore's mortgage rates vary depending on the type of product you take out, the amount of deposit you have and your credit history, among other factors. As a specialist lender, they can sometimes offer higher rates than what you will find on the high street, but our brokers can access exclusive deals. If you would prefer to have a broker compare Aldermore's latest rates with every possible alternative, you can book a free, no-obligation chat with one of our advisers below:

What kind of reviews does Aldermore have?

Aldermore has received generally positive reviews from customers, currently holding a rating of 4.5/5 on review service TrustPilot, based on feedback from more than 4,000 people. In addition, Time Money Mentor gave the bank a review score of 70% when assessing all of its products and services in the spring of 2023.

Pros and cons

The table below shows the advantages and disadvantages of Aldermore's mortgage products at a glance.

How do they calculate affordability?

Aldermore will cap your maximum borrowing at 4.5 times annual salary, taking the combined income of all applicants into account. 

You can see how this income multiple compares to others that are used across the mortgage market by entering your income into the calculator below:

Buy-to-let mortgage range

Aldermore's buy-to-let mortgage range includes products aimed at:

• First-time landlords: Provided they have a minimum income of £25,000
• Experienced landlords: With no income restrictions as long as they have at least six months' letting history. Top slicing is available on a range of income types
• HMO buyers: Options for landlords purchasing this property type or multi-unit freeholds with a value of up to £10 million
• Portfolio landlords: Will accept one application for up to 30 properties, with an affordability stess test across them all 
• Holiday let mortgages: Are not currently available from Aldermore

Get independent advice about Aldermore mortgages

It's important that you compare Aldermore's product offering with what's available across the entire market. Even if you believe that Aldermore is the right lender for you, it doesn't hurt to rule out the possibility that there's a more suitable mortgage available elsewhere.

There are brokers on our team who have a working relationship with Aldermore. They know their product range well and can compare them with every competitor across the market on your behalf to help you decide whether they are the perfect fit for you.

Here are just some of the reasons you should use us for your mortgage comparison needs:

• Our mortgage brokers are whole-of-market
• They often have access to exclusive rates and deals
• We are 5-star rated on leading review websites
• Your first consultation is FREE

Ready to see how Aldermore latest rates compare to deals from across the and speak to one of our brokers about their products? Get started here.