Barratt Developments to market Aldermore NewBuy mortgages
By Bridging Loan Directory -
The UK’s number one housebuilder Barratt Developments is making Aldermore’s range of NewBuy mortgages available to prospective buyers of its new home brands: Barratt Homes, David Wilson Homes and Ward Homes.
Aldermore was the first challenger bank to participate in the government’s NewBuy scheme, which is designed to help homebuyers with a limited deposit acquire a new home. Further details about the NewBuy scheme can be found on Aldermore’s website: www.aldermore.co.uk/business/government-funded-schemes/newbuy-scheme/
Aldermore’s NewBuy mortgage products include the following features:
- Choice of 2 or 3 year fixed rate at 5.48%
- Full status loans up to £400,000 and up to 95% LTV
- Only a 5% deposit required. Min valuation of £75,000 and Max of £500,000
Charles Haresnape, Managing Director of Aldermore Residential Mortgages, said:
“Aldermore is delighted to be working alongside Barratt Developments to make NewBuy mortgage products available to homebuyers. NewBuy is an important initiative designed to support homebuyers struggling to raise a sufficiently large deposit and it has the potential to help many thousands of borrowers get a foot on the housing ladder.
Adrian MacDiarmid, Barratt Developments Head of Mortgage Lender Relations said:
“NewBuy is designed to help both first-time buyers and home-movers acquire a home with a deposit of just 5 per cent and we’re delighted to be working with Aldermore to make this scheme available to more of our customers”.
When Aldermore launched its NewBuy product range in September 2012, the then Housing Minister Grant Shapps, said: “I’m delighted that Aldermore will be offering mortgages through the innovative NewBuy Guarantee, which is ensuring more and more aspiring homeowners are getting the help they need onto the property ladder.”