UK-based financial services firm Aldermore has joined the government’s Help to Buy scheme and plans to make the mortgage guarantee available on remortgages and new home purchases.
Under the scheme, the lender will offer two-year fixed-rate products at 4.98% for mortgages with loan-to-value (LTV) ratio of up to 90%, and at 5.28% for mortgages with LTV of up to 95%. A fee of £999 will be levied on both the products.
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Aldermore residential mortgages director, Charles Haresnape, said they are committed to lending to home-owners in the UK, especially those with small deposits, to get on the housing ladder and those who are unable to access mortgages from traditional high street lenders despite being creditworthy.
Besides lending to small and medium sized businesses, the firm also operates residential mortgage business, which was launched in May 2010.
The Help To Buy scheme is currently being used by Lloyds Banking, Royal Bank of Scotland, HSBC and Virgin Money. Other banks, who wish to take part in the scheme include Barclays and Santander.
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