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Aldermore mortgage review

We've combined expert analysis with customer feedback to help you decide whether to get a mortgage with Aldermore bank.

In this article
Aldermore mortgage customer ratings What kinds of mortgage does Aldermore offer? Does Aldermore have the best mortgage deals? Interest rates on Aldermore mortgages How much can I borrow from Aldermore?
Can I make overpayments? How can I contact Aldermore? Aldermore mortgages eligibility Can a mortgage from Aldermore help me onto the property ladder? What Aldermore mortgage customers say

Aldermore mortgage customer ratings

Mortgages
Aldermore review
Which? Customer Score
24th out of 25 mortgage lenders
55%
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
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£1 for first month then £10.75/month unless cancelled

 

Specialist lender Aldermore focuses on customers who may have difficulty securing a mortgage with a mainstream lender - people with bad credit, for example. 

The table below shows how Aldermore performed in the latest Which? mortgage satisfaction survey. Customers rated everything, from the application process to customer service. 

Customer rating for: Star rating
Customer service -
Application process -
Value for money -
Keeping you well informed

3 out of 5

Clarity of statements -
Transparency of charges

2 out of 5

Query and complaint handling -
Ability to overpay or underpay mortgage

4 out of 5

Online access

3 out of 5

 

Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 30 people told us they had their mortgage with Aldermore.

What kinds of mortgage does Aldermore offer?

Aldermore's products are geared towards borrowers in specific circumstances, such as people who are self-employed, have small deposits, or 'less than perfect' credit history. 

There were 322 mortgages available from Aldermore when we checked in September 2019. Many of these deals were open to applicants with arrears, debt, defaults, County Court Judgements (CCJs) and other black marks on their credit reports

Does Aldermore offer interest-only mortgages?

Yes, but only on its Standard Mortgage Range, and only up to 75% loan-to-value (LTV). 

Does Aldermore have the best mortgage deals?

Which? analysis has found that Aldermore offers far fewer cheap mortgages than the average lender.

Our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled 208 'top-10 cheapest deal' tables based on a number of different borrowing scenarios, and counted how many times each lender featured in a table.

The average number of times a lender made it into a table was 15 - but Aldermore never appeared in a cheapest deals table. (Data source: Moneyfacts.)

Interest rates on Aldermore mortgages

Since Aldermore didn't make it into any of our tables, it's no surprise that it also didn't have the lowest interest rates. 

In September 2019, the average interest rate for a two-year fixed-rate mortgage from Aldermore was 4.39%. That's far higher than the lender average of 2.77%. 

Aldermore's higher-than-average rates might be a result of the increased risk it takes on from what are seen as riskier borrowers. 

 

How much can I borrow from Aldermore?

Aldermore has a number of different ranges catering for borrowers with various levels of bad credit, or in various niche circumstances. The amount you can borrow will vary depending on your financial history and your situation. 

Across all Aldermore mortgages, the most you can borrow is £1m at a maximum of 80% LTV. If you want to borrow at 95% LTV, your loan can be up to £500,000. 

Aldermore lends on new build houses and flats. 

Can I make overpayments?

You can make overpayments of up to 10% each year with most Aldermore mortgages. After that, you'll have to pay an early repayment charge (ERC) if you're within your initial period, in most cases. 

How can I contact Aldermore?

You can call Aldermore on 0333 321 1001. Its website is aldermore.co.uk.

Aldermore mortgages eligibility

Income and employment

Aldermore has a minimum income requirement of £10,000 for all of its mortgages. Self-employed applicants can apply for the same mortgage products as employed applicants. 

Leasehold properties

Aldermore does lend on leasehold properties, but only if they will have at least 40 years left on the lease at the end of the mortgage term. 

Mortgages for older borrowers

Aldermore doesn't typically lend to borrowers who will be over 70 years old at the end of their mortgage term. However, if you take out a mortgage from Aldermore's Later Life Lending range, you will be able to extend your repayments up to the age of 99. 

You can apply for Later Life mortgages from age 55. 

Can a mortgage from Aldermore help me onto the property ladder?

Aldermore's 'Family Guarantee Mortgage' allows you to buy a home with zero deposit. Instead, the mortgage will be guaranteed on your parents' or grandparents' home. 

This is what's known as a 'guarantor mortgage'. Read our guarantor mortgages guide to find out more. 

What Aldermore mortgage customers say

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