Aldermore has today launched into the let-to-buy mortgage market.
The lender has launched a product which allows homeowners to remortgage their existing residential property on a buy-to-let basis.
Aldermore has not launched a specific let-to-buy product but allows this option on its existing buy-to-let range while they purchase a new home.
Aldermore managing director of residential mortgages Charles Haresnape says: “Letting out an existing property rather than selling is an attractive option in today’s housing market. With rental yields continuing to rise in most regions, homeowners can benefit from rising rental demand, whilst at the same time being able to take advantage of lower house prices when buying property for their own use.
“We have seen growing demand for this facility and are delighted to extend our lending criteria to accommodate a let-to-buy option. Existing homeowners can remortgage their home using any Aldermore buy-to-let product.”