Aldermore are making changes to their lending criteria.

Aldermore are returning their capital raising limits back to pre-covid levels from Thursday, 21 October.

They wanted to let you know about the changes they’re making to capital raising and their minimum income level on 5.5x lending.

Capital raising:

  • For buy to let up to 80% LTV for all acceptable purposes
  • For non-property related and property related, including purchases on our residential owner occupied ranges, subject to LTV
  • For business purpose – subject to additional underwriting guidance

They’ll continue to look at each case on an individual basis, so they can make sure they’re making the right lending decisions for their clients.

Minimum income level on 5.5x lending:

Aldermore’s loan to income ratio (LTI) up to 5.5x income for individuals or joint applicants has increased. Applicants must now have a total allowable income of at least £60,000 to access this LTI.

Any DIPs in process will remain at the previous LTI of 5.5x income up to £50,000 for a maximum of 30 days.

All new DIPs keyed on or after 21 October will revert to the new minimum income level.

Please note: This change isn’t reflected in Aldermore’s affordability calculator at the moment. If you’re looking to key a case between £50k and £60k, on 5.5x LTI, please contact thier BDM team on 0321 333 1000 who’ll help you with this.

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