Aldermore have made changes to their residential owner occupied lending criteria to help more of your clients buy the home of their dreams.
We’re excited to let you know about the changes we’ve made to our residential owner occupied mortgage criteria.
We’ve listened to your valuable feedback and introduced new level 2 and 3 lending criteria to
help you find the right mortgage for your clients.
Our level 1 and 2 products are available up to 95% LTV and level 3 products
are available up to 80% LTV.
Improvements to our level 1 criteria – up to 95% LTV:
- CCJs are no longer required to be satisfied if none recorded within the last 36 months
- IVA, Trust deed – discharged for 3 years (was 6 years)
New level 2 criteria:
• Up to 95% LTV
• Mortgage or secured loan arrears – 0 in last 18 months
• Defaults & CCJ – 0 recorded in last 18 months
• Unsecured loan arrears maximum status 2 in last 12 months – latest month up to date
• IVA, Trust deed – discharged for 2 years
• Bankruptcy, Sequestration, Debt relief order – discharged for 6 years
New level 3 criteria:
• Up to 80% LTV
• Mortgage or secured loan arrears – 0 in last 6 months
• Defaults & CCJ – 0 recorded in last 6 months
• Unsecured loan arrears maximum status 3 in last 12 months – latest month up to date
• IVA, Trust deed – discharged for 1 years
• Bankruptcy, Sequestration, Debt relief order – discharged for 3 years
Criteria across our level 1, 2 and 3 range
• Combined defaults & CCJs up to £300 ignored
• All communication defaults ignored
• Debt management plans considered when satisfactorily maintained for the last 12 months