Lender slashes minimum valuation on bridging loans

Aldermore has reduced its minimum valuation on bridging loans for light refurbishment from £100,000 to £75,000.

The move brings the bank’s bridging offering in line with its residential and buy-to-let mortgages.

Aldermore has also reduced the minimum age for those qualifying to 21, down from 25, except if the applicant is a first time landlord.

Charles Haresnape, Group Managing Director, Mortgages, at Aldermore said: “As the demographics of who is seeking a bridging loan changes, and we increasingly move away from the idea of ‘the average customer’, a reduction in the minimum age reflects our commitment to continually improve our products and services and to provide more flexible and bespoke financing options for our borrowers.”

“As the bridging market continues to grow and develop, expanding our bridging offering is an essential step in helping those customers looking for alternative finance that best suits their needs.”

Aldermore has also extended its family gifted deposit to cover additional family members, foster parents or legal guardians.

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