Aldermore joins the millionaires club

Aldermore has increased its maximum loan size from £600,000 to £1m on all residential mortgage deals up to 75% loan-to-value.

Aldermore’s maximum loan size on residential mortgages up to 80% LTV is £400,000.

Aldermore becomes the latest lender to increase the size of its loans. In March, Nationwide upped its maximum loan size to £2m on 75% LTVs.

The top end of the housing market has proved far more resilient than the middle to lower sectors.

Charles Haresnape, managing director of residential mortgages at Aldermore, said: “We’ve experienced increased demand for larger loans and we’re delighted to announce this criteria change, which will help brokers tap into this growing market.

“We understand the issues that are important to brokers when submitting large loan applications, including receiving quick decisions and having the ability to be able to discuss cases directly with underwriters. Brokers can be assured of a reliable, professional service when dealing with Aldermore.”

Mark Harris, managing director of Savills Private Finance, said: “It is great to see another lender offering to lend up to £1m to our clients. We are looking forward to working with Aldermore as they will discuss cases before submission – ideal for our market.”

Aldermore markets its mortgages exclusively via intermediaries and, unlike most other lenders, decision-making is not dependent on credit scoring but is based on sensible underwriting rules and criteria applied by experienced staff.

Aldermore welcomes calls from brokers who would like to discuss potential deals. Brokers can contact Aldermore on 0333 321 1000.