Self-Employed and Complex Income
Aldermore is widely recognised as one of the more accommodating lenders for self-employed borrowers seeking a second charge mortgage. Where mainstream banks may insist on three years of accounts or refuse to take dividend income into account, Aldermore can assess income across a broader range of structures, including sole traders, limited company directors drawing salary and dividends, and LLP partners.
For limited company directors, Aldermore is willing to assess income based on salary plus dividend payments rather than salary alone — an important distinction that materially affects how much a director can borrow. The lender generally requires two years of accounts or SA302 forms but may consider one year in some circumstances where the trading profile is strong and well documented.
Contractors and workers on day-rate contracts are also considered, with income typically assessed on an annualised basis derived from the day rate and contracted weeks worked. This approach is far more generous than many mainstream lenders who require a full employment contract or several years of self-employment history before considering an application.
Buy-to-Let and Property Investor Secured Loans
Aldermore has a long history in the buy-to-let mortgage market and carries this expertise into its second charge mortgage offering for landlords. Property investors looking to release equity from their residential home or from within a portfolio can find that Aldermore's familiarity with investment property income makes it a more pragmatic lender than many alternatives.
For landlords whose primary income is rental income from a portfolio, Aldermore understands how to assess this income type properly. The lender can take rental income from multiple properties into account and does not necessarily penalise borrowers for having a significant BTL portfolio alongside their residential property, provided the overall position is financially sound.
Property investors with limited company structures used for BTL portfolios may find Aldermore more receptive to discussing their overall position than mainstream banks. While the specific product eligibility will depend on individual circumstances, the lender's familiarity with property investment as a business activity is a genuine differentiator in the second charge market.
