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Aldermore becomes first challenger bank to support NewBuy scheme
Aldermore has become the first challenger bank to participate in the government's NewBuy scheme, designed to help homebuyers with a limited deposit acquire a new home.
Initially, Aldermore will be making its NewBuy products available via Fairview New Homes Limited, which has developments located throughout the South and East of England. Further details about the NewBuy scheme can be found on Aldermore's NewBuy web page.
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. Gifted deposits are acceptable from close relatives and full gifted deposits are acceptable for first time buyers, subject to evidence of 12 months continuous rental payments
- Min valuation of £75,000 and Max of £500,000
- Capital and interest loans for house purchase with repayment periods up to 25 years
Charles Haresnape, Managing Director of Aldermore Residential Mortgages, said: "Aldermore's delighted to be the first challenger bank to join the NewBuy scheme, which is an important initiative to help homebuyers struggling to raise a sufficiently large deposit.
"NewBuy is one of a number of initiatives designed to help breathe life into a moribund housing market and we look forward to rolling out the scheme with additional builder partners over the coming months."
Jim Holliday, Group Sales and Marketing Director at Fairview New Homes Limited, said: "NewBuy will not only help first-time buyers having difficulties raising the necessary deposit, but any aspiring homebuyer who wants to own a new home. We are looking forward to working closely with Aldermore over the coming months to make this scheme available to prospective home buyers."
Housing Minister Grant Shapps said: "I'm delighted that Aldermore will now 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.
"NewBuy now covers nearly three quarters of the mortgage market, but I want to go further and see more lenders following their example by signing up to ensure even more of those looking to buy newly-built homes are able to do so with just a fraction of the deposit they would normally require."
Full details about Aldermore's NewBuy products, along with further information about the full range of mortgage products and services available from Aldermore is available at: www.aldermore.co.uk or by phoning 0333 3211000.
For further information journalists can contact:
Josh Cooper, PR consultant office: 01654 791385
firstname.lastname@example.org mobile: 07768 355265
Notes to Editors
Aldermore is a new British bank and one of the best capitalised banks in the UK. With backing provided by AnaCap and Morgan Stanley Alternative Investment Partners, Morgan Stanley's Private Equity Fund of Funds business and new investment from the consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System, Aldermore raises deposits from consumers and lends to homeowners and small and medium sized businesses.
Aldermore does not depend on the wholesale, securitisation or international capital markets and has not been involved in any banking activities or the marketing of any exotic products which have been the cause of problems for so many financial institutions.
As a British bank, Aldermore is regulated by the Financial Services Authority and is registered under the Financial Services Compensation Scheme, which means customers' savings are protected up to the statutory limit of £85,000 per person. Aldermore is also a member of the Council of Mortgage Lenders.
Aldermore markets its lending products via professional financial advisers and specialist commercial finance brokers located throughout England and Wales.
About AnaCap Financial Partners
Established in 2005, AnaCap is Europe's largest specialist private equity investment advisor in the financial services sector. Based in London and investing across Europe, AnaCap advises funds with more than €1 billion under management. AnaCap's funds invest in businesses with high growth potential and strong management teams. AnaCap works with management teams to improve infrastructure and business processes. It employs sophisticated, twenty-first century technology to create low cost, scalable, sustainable and highly digital based platforms. AnaCap's day-to-day support allows management to pursue growth strategies in the most efficient and effective manner.
AnaCap's team of professionals also assists investee companies in assessing and reducing key credit and market risks. This expertise in risk and liability management is a key factor in the strong performance of AnaCap's portfolio.
The success of AnaCap's investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Morgan Stanley Alternative Investment Partners, Honeywell, State of New Jersey and Adams Street Partners.