Quick stats

Icon - Lenders

One of the UK's top 25 lenders

This lender lent over £1bn in 2018. That's 0.4% of all mortgage lending.

Icon - Mouse

21-day submission time

That's 5 days slower than the average across the 25 lenders we've compared.

Icon - Tablet

Borrow 5.5x your income

You could borrow up to this amount if you meet the lender's requirements.

About Aldermore

Aldermore was founded in 2009 and in March 2018 became part of the FirstRand Group, one of South Africa’s leading financial services institutions.

The lender offers a range of specialist mortgage solutions, including options for self-employed, first-time buyers and later life buyers. 

Aldermore mortgages are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed and affordability.

In this review we’ll cover:

All information on this page was up to date as of August 2019.

Is Aldermore a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Aldermore Mortgages’ customer complaints record between July and December 2018.(1) During this period, the Financial Conduct Authority (FCA) received 82 officially upheld complaints. That’s around 0.2% of customers, which is slightly lower than the 0.4% average across the major lenders.

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does an Aldermore application take?

During the last six months, the average speed that Aldermore Mortgages processed a Trussle customer’s successful mortgage application was 21 days. That’s slower than the 16-day average across all the lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of the application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

How much could I afford to borrow from Aldermore?

The amount you can borrow for a mortgage can vary. Aldermore Mortgages could lend up to 5.5 times your income before tax if your individual or joint total allowable income is £50,000 or up to 4.5 times your income before tax with the Help to Buy Equity Loan scheme. 

You’ll find Aldermore’s mortgage calculators on their website (including the Aldermore buy-to-let calculator) – this will give you an estimate of how much you may be able to borrow.

Frequently asked questions (FAQs)

This information was last updated in August 2019

What types of mortgages do Aldermore offer?

As a specialist lender, Aldermore provide a range of alternative mortgage types for people who might usually find it more difficult to buy a home.

These include:

Aldermore self-employed mortgages

Aldermore offer self-employed customers the same products as employed ones. Aldermore may only need your latest year’s accounts if you have a 15% deposit. They also look at retained business profits when assessing your income. 

Aldermore low deposit mortgages

If you don’t have enough money for a deposit, Aldermore have a few options, including their Family Guarantee Mortgage, 5% deposit mortgages and the Help to Buy: equity loan scheme. 

Aldermore later life lending mortgages

Aldermore enable buyers to extend repayments to the age of 99; there are no early repayment charges after five years on their 10-year fixed-rate mortgage option. 

Aldermore buy-to-let mortgages

Aldermore also offers a wide selection of fixed and variable rate buy-to-let mortgages for all types of landlords.

Where can I find Aldermore reviews?

You can find reviews of Aldermore’s mortgages on a range of consumer review sites and forums, including TrustPilot and Moneysavingexpert.com.

What is the Aldermore guarantee mortgage?

Aldermore’s Family Guarantee Mortgage is designed for those who don’t have enough for a deposit, but have a parent, step parent or grandparent who is willing (and financially able) provide a guarantee secured against their residential property.

Monthly repayments are based on the full mortgage amount borrowed and applicants must have enough income to support this. Contact Aldermore to find out more.(2)

How much can you overpay on an Aldermore mortgage?

Typically Aldermore will allow you to make £5000 worth of overpayments per year during the initial term, after which unlimited overpayments can be made. (This can vary so you should clarify with the lender directly.)

Do Aldermore do commercial mortgages?

They do. If you want to invest in a commercial property or get a business premises, Aldermore has a range of commercial mortgage options.

What will happen when my Aldermore mortgage deal ends?

When your fixed-rate mortgage ends it will transfer to a variable rate mortgage. You have the option to switch to an Aldermore Loyalty Mortgage if you meet the eligibility criteria.

What insurance do Aldermore require me to have?

In order to help safeguard the lender’s investment in your home, they’ll always require you to take out buildings insurance on the property. 

Contents insurance isn’t compulsory but is highly recommended.

Did I have PPI on my Aldermore mortgage?

To find out if you were sold PPI, check your mortgage agreement. It’s likely that you’ve been sold it if the document contains any of the following terms:

  • Payment cover

  • Protection plan

  • Loan protection

  • ASU

  • Loan care

The FCA deadline for PPI complaints was 29 August 2019, however you might be able to file a complaint if there is a “significant or exceptional” reason as to why you missed the deadline.

How do I contact Aldermore?

New mortgage customers can call 0333 355 7780, 9am to 7pm on Monday to Friday.

Existing customers can reach an adviser on 0371 454 3324.

Apply with Trussle today

  • Fee-free online mortgage broker

  • Rated 4.9/5 on Trustpilot

  • Thousands of deals from 90 lenders

  • Straightforward online application process

  • No waiting for appointments

  • No paperwork

  • Free ongoing mortgage monitoring

Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Trussle holding phone icon

What people are saying about Trussle...

Sources

Information was sourced from Aldermore’s own website, unless referenced below.

(1) FCA

(2) Aldermore for Intermediaries