Aldermore bank has announced it is reducing its product switch rates for existing residential and buy-to-let (BTL) customers.

The bank has also aligned some of its five-year fixed rate options with its two-year fixed products.

Aldermore suggested this move can allow customers to fix at the same low rate for longer and have certainty that their mortgage payments won’t increase at a time when other day-to-day costs might be rising.

The products are available to both residential owner occupied and BTL customers with single residential units once they have reached the end of their initial fixed rate period, or their early repayment charges come to an end. These new product switch rates for existing customers will take effect immediately and are available with no legal or valuation costs.

Aldermore head of mortgage distribution, Jon Cooper, commented: “I’m delighted to introduce our new product switch range which offers some of our cheapest rates yet and, alongside our streamlined broker switching portal, we’re providing benefits to both brokers and customers alike.

“This year [2022] is a year we want to show our ambition to seek growth and innovation in what services we can provide for our customers and broker partners. This is a next step in that process as we continue to deliver the best products we can and ensure our service is as straight-forward and seamless as possible.”

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