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Everything you need to know about Aldermore mortgages

Finding the right mortgage for your needs isn’t easy. There are so many providers that finding the right one can become confusing, especially if you need a specialist type of mortgage. Aldermore is a mortgage lender that advertises itself as a provider of specialist mortgages for people who may not be able to easily get a standard mortgage.

To make sure Aldermore is the right mortgage lender for you, use our easy comparison tool to compare mortgage quotes and mortgage lender reviews. This ensures you make an informed decision on your mortgage.

Who is Aldermore Bank owned by?

Aldermore bank is owned by FirstRand Group: an international banking group. It’s worth noting that even when multiple banks are owned by the same group, they may offer different mortgage deals – hence it’s important to compare mortgage lenders.

What deposit size do I need to buy a house?

Most mortgage lenders will require a deposit of at least 5% of the total value of the property you want to buy. Some specialist lenders may offer mortgages with deposits lower than this, though you may need a guarantor or have other terms to your mortgage.

What is LTV?

LTV means Loan to Value. This is a key factor in most mortgages. The Loan to Value is the percentage of property’s value that you borrow as a mortgage. If you have a 95% LTV mortgage, you have to pay a deposit of 5%. Generally, a higher LTV means higher interest rates, though this is not always the case.

Can self-employed people get mortgages?

Yes, although you may need to find a specialist lender for a self-employed mortgage. You might also need to provide details of your income, such as two or more years’ worth of tax returns.

Can I get a mortgage without a deposit?

Some lenders may let you buy a house without a deposit, but these types of mortgages are becoming less common. You may find you need a guarantor for a 0% deposit mortgage, or that your interest rate is higher compared to people who pay deposits.

How long does it take for an Aldermore mortgage application to go through?

Most mortgages take between two and four weeks to be processed, although this is only a guideline. It could take longer if you have unusual circumstances, or if the mortgage lender is particularly busy.

Is an Aldermore mortgage a secured loan?

Yes, most mortgages are. With any secured loan, if you fail to pay your agreed-upon payments, your asset – in this case, your house – could be sold to cover the remainder of your mortgage debt. It’s important to always pay your mortgage.