Remortgaging From Aldermore Bank

Why People Remortgage From Aldermore Bank

Aldermore customers typically look to remortgage for the following reasons:

• Self-employment now well-established — if you originally needed Aldermore because you had limited trading history, two or three years of strong accounts may now open mainstream doors
• BTL portfolio simplification — landlords who used Aldermore for complex multi-property arrangements may find better individual rates elsewhere as portfolios mature
• SVR costs — Aldermore's revert rate sits around 8% to 8.5%, considerably above mainstream equivalents
• Credit improvement — minor credit blemishes that pushed you towards Aldermore may have resolved, qualifying you for high street lending

Aldermore bridges a specific gap in the market. When your circumstances no longer require that bridge, it is time to seek better value.

Aldermore Bank Rates vs Mainstream Lenders

Aldermore's pricing sits in the mid-specialist range. Their fixed rate products are typically 1% to 2.5% above equivalent mainstream deals, and their SVR hovers around 8% to 8.5%.

For a buy-to-let landlord with a £250,000 interest-only mortgage, moving from Aldermore's SVR of 8% to a mainstream BTL rate of 5% saves approximately £625 per month. For residential borrowers on a £200,000 repayment mortgage, the savings from switching could amount to £250 to £400 per month depending on the rate secured.

Aldermore's rates are generally lower than the deepest specialist lenders like Pepper Money, but the gap to mainstream remains substantial enough to justify switching when possible.

How to Remortgage From Aldermore Bank

Remortgaging away from Aldermore follows standard procedures:

• Gather your financial documents — for self-employed borrowers, ensure you have up-to-date accounts, SA302s and tax year overviews ready
• Check your current position — confirm your balance, rate and any ERCs with Aldermore
• Assess the market — a broker can compare your current Aldermore terms against mainstream, near-prime and competing specialist offers
• Apply to your chosen lender — the application process involves income verification, credit checks and a property valuation
• Complete the transfer — solicitors handle the redemption of your Aldermore mortgage and registration of the new charge

Self-employed borrowers should allow extra time for income verification, as mainstream lenders may request additional documentation.

When Is the Right Time to Switch From Aldermore

Key triggers for remortgaging away from Aldermore include:

Matured self-employment — once you have two full years of accounts showing consistent or growing income, most mainstream lenders will assess your application on the same basis as employed applicants.

End of your product term — as with any lender, moving to the SVR signals that it is time to act. Aldermore's revert rate is significantly more expensive than a new fixed deal.

Portfolio landlord status resolved — if your BTL portfolio has been simplified or you have built sufficient rental income history, mainstream BTL lenders may now accept you at sharper rates.

Minor credit issues cleared — if light adverse credit was the reason for choosing Aldermore, check whether those entries have now aged sufficiently for mainstream lenders to overlook them.

Why Using a Broker Helps When Leaving Aldermore

Aldermore's customer base often includes self-employed borrowers and landlords — groups that benefit enormously from broker expertise even when moving to mainstream lending.

Income presentation varies significantly between lenders. Some mainstream banks use net profit from your accounts, others use salary plus dividends for limited company directors, and some will consider retained profits. A broker knows which approach each lender takes and can direct you to the one that presents your income most favourably.

For landlords, brokers understand the nuances of rental stress testing, portfolio calculations and the varying approaches different lenders take to multiple property ownership. This knowledge can make the difference between paying specialist rates and accessing mainstream pricing.