Aldermore touts aggressive product launch

Aldermore says that its range of residential mortgages, set to be launched during the second quarter of 2010, will help creditworthy borrowers currently being sidelined by high credit scoring and low LTVs.

Colin Snowdon, chief executive, residential mortgages, at Aldermore said: “Thousands of perfectly creditworthy borrowers are being denied access to the mortgage market by lenders who rely on credit scoring and refuse to consider cases which fall outside the norm.

“Take, for example, an application from a self-employed person with income being generated via multiple sources. If the income can be proven or verified by an accountant, that’s fine with us.”

Aldermore said it will consider a wide range of factors which may cause creditworthy applications to fail credit score, including a recent home or job move, satisfactorily resolved minor historic credit issues, self-employment and applicants living temporarily in rented accommodation after selling their previous home.

Aldermore said brokers can submit applications online, where they will have access to a real-time case tracking facility.

Unlike other lenders, Aldermore will not rely on an automated credit scoring system and assess applications using a criteria and rules based approach alongside skilled underwriters.

Aldermore’s buy to let products will give brokers and landlords greater choice at a time when there is a shortage of both funding and products, it added.

Snowdon confirmed: “The buy to let market is currently suffering from a dearth of funding and our research tells us that brokers will welcome a new lender and greater product choice with open arms.

It’s our intention to further develop our buy to let offering over the coming months and we look forward to working with our distribution partners to identify appropriate opportunities.”

Aldermore will not ‘dual price’ mortgages as its products will only be available via intermediaries.

Interest rates will reflect the nature of Aldermore’s products, which will sit between rate led, high credit score, low LTV mortgage deals and products which would have been marketed in the past by more specialist lenders.

Full rate and product details will be published shortly, it said.

Intermediaries can obtain further information about Aldermore’s mortgage proposition at www.aldermore-mortgages.co.uk