In This Article
Who is Aldermore Bank?
Aldermore is a growing retail bank specialising in various lending products to retail and business customers, including savings accounts, asset and invoice finance, and commercial and residential mortgages.
Aldermore Bank was first listed on the London Stock Exchange in 2015, and the bank is a member of the FTSE 250 Index.
They are an award-winning bank that offers specialist mortgages, savings, and business finance solutions. You can access their products either directly or via intermediaries such as a mortgage broker.
Aldermore operates a virtual online operation only, with no branch network.
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Who is Aldermore Bank owned by?
Aldermore Group PLC is a wholly-owned subsidiary of FirstRand International Limited, which is part of the FirstRand Group.
Is Aldermore Bank connected to any other bank?
Aldermore Group is made up of two operating companies: Aldermore Bank plc and MotoNovo Finance Limited.
Aldermore Bank offers finance to business owners, homeowners and landlords, and supports savers.
MotoNovo Finance Limited is a UK based financial services company that offers lending solutions for car buyers and dealers.
What does Aldermore specialise in?
Aldermore Bank understands that not all borrowing situations are straightforward, so they offer a range of specialist mortgage options for those who may not fit standard lending criteria.
They try to assess each case individually and make decisions based on the application’s merits rather than automatically rejecting it. This could mean saying yes when other lenders may say no.
Aldermore’s mortgage products include buy to let and commercial loans, designed for businesses seeking investment or space and property investors and landlords.
Aldermore residential mortgages
Aldermore Bank supports many people on their residential mortgages, including first-time buyers, re-mortgagers, people with less-than-perfect credit, and the self-employed.
Aldermore buy to let mortgages & commercial mortgages
Aldermore offers two types of mortgages for businesspeople and small companies: buy to let and commercial.
They are committed to helping buy to let landlords achieve their goals, whether they’re just starting or expanding their portfolio or looking to own the property in a limited company.
Commercial mortgages are aimed at people seeking investment or space for their business.
How cheap are Aldermore’s rates?
Aldermore can be considered if you are looking for a mortgage and do not fit the criteria of the high street banks.
Their products are generally more expensive than those offered by the high street banks, but they provide a good range of products for people who do not fit the usual criteria.
It is important to compare the interest rates, fees and quality of service before making a decision, and your credit score will also impact the interest rate you are offered.
Can I remortgage with Aldermore?
If you are an existing Aldermore customer, you will need to speak to them about your options for remortgaging as you may be able to offer a product transfer.
Aldermore offers mortgages to customers whom mainstream lenders may have let down. As a result, their rates are generally higher.
If you are considering remortgaging, you should consult an independent mortgage advisor. They will be able to advise you on all of the products available in the market and help you find the best option for you.
Switching your mortgage with Aldermore
You can switch up to 17 weeks before the end of your current rate or your early repayment charge period with Aldermore. If you’re on the variable rate you can switch at any time.
They have some eligibility criteria but all existing customers will be considered for a switch, provided their mortgage payments are up to date.
Aldermore would normally be in touch with you around 4 months before your current rate ends with what new rates are available to you.
If you’d like to switch your rate, you switch your mortgage with Aldermore directly. This means you’re responsible for choosing a mortgage that’s right for you. You won’t receive any advice or a recommendation. If you’d like advice and a recommendation based on your needs and circumstances, a broker can help.
How quick are Aldermore to get an offer?
Aldermore’s average time from application to offer is around four weeks. However, this duration may be extended for more complicated deals, for example, due to bad credit, a non-standard property type, or complex self-employed income.
Aldermore has declined me; what do I do now?
If an Aldermore mortgage advisor has declined your mortgage an independent mortgage advisor may be able to help you find a lender who is willing to give you a mortgage.
Aldermore aims to be more relaxed than other lenders regarding applicants with less-than-perfect credit reports. However, other lenders could still help you based on your status. If you want more details about your credit history, you can go to Check My File to sign up for a free trial.
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Conclusion
Aldermore Bank is a retail bank that offers a variety of lending products to retail and business customers, including savings accounts, asset and invoice finance, and commercial and residential mortgages. Aldermore Bank understands that not all borrowing situations are straightforward, so they offer a range of specialist mortgage options for those who may not fit standard lending criteria.
Aldermore’s mortgages include buy to let and commercial loans, designed for businesses seeking investment or space and property investors and landlords.
They also supports a wide range of people on their residential mortgages, including first-time buyers, re-mortgagers, people with less-than-perfect credit, and the self-employed.
The bank could be considered if you’re looking for a mortgage and don’t fit the criteria of the high street banks. Aldermore offers a range of products for those who do not fit the mould of the high street banks.
If you’ve been declined a mortgage from an Aldermore mortgage advisor an independent mortgage broker could still help you.
Should you want to speak to an independent mortgage advisor, please complete the contact box below, and I NEED ADVICE will match you with a mortgage advisor who can review the whole market and recommend the right mortgage for you.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
