Landlords can now apply to remortgage their buy to let properties to Aldermore the day after purchase. Helping landlords
quickly change their finance model to better suit their needs.
Why would my client want to remortgage early?
• If the property was purchased using bridging loan or cash.
• If the landlord has quickly enhanced and / or improved the property, which has increased the value.
• If the property was bought at auction for lower than typical market value.
• When the landlord wants to split freehold title into multiple leasehold units within the same property, which increases the value*.
• If your client has inherited the property and wants to pay off debts, upgrade or rent it out.
*We have a standard conveyancing process that supports this.
What are the key product features?
• The property being remortgaged needs to have been a single-unit sale but other
properties owned by the landlord can be added to the remortgage to form part of a multi-property application.
• Free legal costs using one of Aldermore’s Panel Managed Solicitors, which the customer must use when applying for a remortgage less than 6 months from purchase.
• Standard maximum LTV of 75% for buy to let cases will apply.
• Cash purchase needs to have been part of an ‘arm’s length’ transaction, via auction or estate agent for example.
• Landlords can now extract even more equity from suitable properties to fund further portfolio growth, plus all other capital raising
reasons as standard.
For more information about our standard product features and lending criteria please see our buy to let criteria guide.
What information do we need when applying?
• When submitting an application for early remortgage in the portal, please reference ‘Less Than 6 Months BTL Remo application’
in the notes section including the purchase date and price.
• We need to see a copy of the TR1 form in the broker portal to show us a Land Registry submission has been made, current bridging loan agreement and / or auction transaction, where applicable, to confirm sale has been made (or grant of probate if property has been inherited).
• If the applicant has recently transferred their property into incorporated limited company or partnership, we’ll need a copy
of incorporation document or partnership agreement.