Conveyancing update
Aldermore have recently been reviewing our conveyancing processes and after listening to feedback from our brokers for specialist buy to let applications, we’ve identified where things could be improved so that is easier for customers to do business with us. I have attached a word document to provide an overview of the new process.
From today, we’ll be moving to an open panel approach for conveyancing, removing the current route of obtaining quotations from Movin Legal. More information about this on our website.
Re pricing
Aldermore have today repriced the mortgage range, introducing new buy to let, residential owner occupied and product switch rates, details of this are below. The repricing on our ranges has been a decrease of 0.5% on buy to let and up to 0.7% on residential owner occupied. Link to the changes here – Latest Updates (aldermore.co.uk)
Mortgage Charter update
As part of our commitment to the Charter, from today we’ll implement the option for customers to extend their mortgage term or switch to interest-only for six months.
How do our customers apply for a term extension or switch to interest-only?
Aldermore launched a new web page for customers to find out about these options. This includes an online form for them to complete if they want to take either option. Once customers have submitted their application, we have a ring-fenced group of colleagues who will be dealing with these requests. The web page can be found here Mortgage Charter | Aldermore Bank
What else are we doing as part of the Mortgage Charter?
Aldermore have already implemented most aspects of the Charter, including the option for customers who are up-to-date with payments can switch to a new mortgage deal at the end of their product without an affordability check and providing tailored support for customers struggling with repayments. And, in a worst case scenario, we will not repossess a property within 12 months of a customer missing their first payment. We are also on hand to support customers who are struggling with the cost of living, including our dedicated Financial Assistance team.