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.
Advantages | Disadvantages |
Can be more flexible with criteria as a specialist mortgage lender | Interest rates may be higher than on the high street |
Purchase and remortgage deals with no product fee available | Deposit requirements can be higher than some specialist lenders |
Incentives including free basic legals and cashback available on some deals | Other specialist lenders offer mortgages based on higher income multiples |
Options for borrowers with various types of bad credit | Limited options for elderly borrowers |
Lending criteria
Below you will find an overview of the general lending criteria for Aldermore's residential mortgage range:
Term lengths: mortgage terms of between 10 and 40 years are available.
Income: Aldermore will accept 100% of basic salary for employed applicants plus between 50-100% of supplemental income, depending on its source. Self-employed applicants need two years' trading history (minimum).
Age: The oldest applicant cannot be any older than 70 by the end of the term. A minimum age of 21 also applies.
LTV: The lenders standard residential rage has an LTV cap of 80%, meaning you would need 20% deposit, while its high LTV range goes up to 90% (10% deposit). Aldermore do not offer 95% LTV mortgages or 100% mortgages for applicants with no deposit.
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.
Please note that Aldermore has specific criteria for other product types, such as buy-to-let and commercial mortgages.
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.
How to compare 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.
Through Teito's free service, you can browse Aldermore's product range and compare it with the alternatives. You can also access support from a whole-of-market broker through us to further increase your chances of landing a favourable rate on the terms that you need.
Get started to browse rates and deals from Aldermore and other lenders, and take advantage of a free, no-obligation chat with a mortgage advisor today.
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
At the time of writing, the lender's buy-to-let range has interest rates of between 5.09% and 6.78%, although rates can change at any time.
You can compare buy-to-let mortgage rates from Aldermore with deals from across the market for free through Teito, and we have whole-of-market brokers on hand to help you get the right mortgage for you - get started here.
