Residential and Buy-to-Let Lending Criteria Guide

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0333 321 1000

aldermore.co.uk/mortgages

This guide is a general guide to our full lending policy. If more details are required please contact us. © Aldermore Bank PLC. Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (Financial Services Register number: 204503). Registered Office: 1st Floor, Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ. Registered in England. Company No. 947662. Telephone calls may be recorded or monitored for security and training purposes. ARM56-815-400092

FOR INTERMEDIARY USE ONLY

Residential

and Buy-to-Let

Lending Criteria

Guide

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Loan

Residential Owner Occupied Buy-to-let

Purpose

A purchase transaction involving a property that was previously sold within the last 6 months is not acceptable. (This will not apply when the property is being Purchase or Remortgage* purchased from a housebuilder that acquired the property in a part-exchange transaction).

Minimum Term

10 years 6 years

Maximum Term

35 years

Minimum loan

Minimum £25,000

Maximum loan and LTV

Maximum £1,000,000 to 75% LTV £400,000 to 85% LTV

*(Maximum £400,000 to 95% LTV on Help to Buy: mortgage guarantee)

*(Maximum £450,000 to 75% LTV on Help to Buy: equity loan)

£1,000,000 to 70% LTV £600,000 to 75% LTV £400,000 to 80% LTV

Loans over £1m arranged by negotiation and will be individually priced for risk

Credit status

Mortgage Arrears

None in last 1 year

CCJs / Defaults

None in last 3 years (CCJs & Defaults over 3 years considered)

Bankruptcy / IVA / Debt Relief Order

Satisfied for 6 years

Repossession

Not Accepted

Business Credit Profile

n/a

Any history of the following corporate gazette history within the last three years is not acceptable:

• Liquidations – (Compulsory and Creditor), other than orderly winding-up of solvent companies

• Administration Orders • Winding up Orders

• Receiverships

Repayment method

Repayment types accepted

*(Interest only is not available on Repayment or Interest only

Help to Buy: mortgage guarantee and Help to Buy: equity loan) Repayment or Interest only

Part Repayment & Part Interest only

Not accepted

Interest only maximum LTV

75% LTV Product Maximum LTV

Interest only proof of repayment plan

Proof of repayment plan and Interest only declaration form required.

Where sale of residential property is the repayment plan, a minimum £150,000 equity (£250,000 in London and the South

East) is required at the start of the mortgage. Sale of main property cannot be combined with another repayment plan. (For a definition of London and the South East area, refer to the

last page of the guide).

Proof of repayment plan is not required. Sale of property is acceptable as a suitable repayment vehicle.

Direct Debit

Payments to the mortgage account are to be made monthly by Direct Debit from a bank account in the applicant’s name.

Deposit

Builder or vendor deposits

Not accepted.

Other sales incentives provided by the

house builder

Acceptable if they relate to the payment of legal costs and stamp duty. The inclusion of white goods / floor coverings / curtains / blinds and the upgrade of kitchen / bathroom in the sale of new build are also acceptable. The maximum value of the sales incentive should

not exceed 5% of the purchase price.

*(Builders incentives / part exchange deals are not accepted (with the exception of white goods, carpets and curtains) on Help to Buy: mortgage guarantee).

Family gifted deposit

Acceptable in purchase transactions (excluding purchase at under-value from family members) where the deposit, or part of the deposit, is being funded by a non-repayable gift from a close relative. Close relative is defined as a parent, child, grandparent, brother,

sister, uncle/aunt, foster parent or legal guardian and includes step relatives.

In cases of a gifted element of deposit, a letter must be provided by the solicitor acting in the mortgage transaction confirming that the gift is non-repayable and that no charge will be registered on the security property as a result of the gift.

Evidence of deposit

When submitting proof of deposit ensure that:

• Evidence is provided in the form of bank or building society statements or pass book in the applicant(s) name • Any documentation provided is supplied in its original form without any kind of blanking out or alteration

• The documentation shows that sufficient funds are available, how the deposit has been built up and any lump sum transactions are explained

• Proof should be recent i.e. dated within the last 3 months (12 months in the case of ISA’s or other annual interest types of accounts)

Remortgage

Remortgage period

Remortgaging out of bridging finance provided by other lenders will be on a pound-for-pound basis only and capital Remortgages within the first six months of the original purchase date are not normally acceptable. raising will not be available.

The following details Aldermore’s main criteria and is designed to help you understand the type of business we will consider.

*Note: Criteria may differ for Help to Buy: mortgage guarantee and Help to Buy: equity loan.

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Remortgage of an Aldermore bridging loan

onto an Aldermore term product

n/a

Where an Aldermore Bridging loan exits onto a term product: • It will be free from the normal 6 month ownership rule (if held for

at least 1 month).

• Capital raising in excess of the original bridging loan will be considered on any uplift in value confirmed by the original Surveyor, subject to scheme limits.

Remortgage purpose

Remortgages including an element of capital raising for property related purposes can be considered: - up to a maximum LTV of 85% (including fees) for Residential Owner Occupied

- up to a maximum LTV of 80% (excluding fees) for Buy-to-let

Remortgages including an element of capital raising for non-property related can be considered, up to a maximum LTV of 75% (excluding fees).

Capital raising for payment of taxes and consolidation of debts that have not been maintained satisfactorily is not permitted. *(Remortgage not available on Help to Buy: mortgage guarantee and Help to Buy: equity loan)

Transaction

Inter family sales, Purchase at Under Value

and Deed of Gift

Only considered when the property is being purchased from a close relative (A close relative is defined as a spouse, parent,

grandparent, sibling, or child).

The vendor must not reside in the property after completion. The maximum loan will be based on purchase value and limited to a maximum of 75% of the market valuation and no more than

95% of the purchase price (with applicant to provide 5% deposit).

Inter family sales, Purchase at Under Value and Deed of Gift not accepted.

Transaction types we do not lend on

Assignable contracts, new build transactions with a bulk off plan discount, Right to Buy (RTB) purchase, remortgage of a Right to Buy (RTB) property within pre-emption period, properties which are being bought from the applicants own limited company, Homebuy scheme, Key Worker Grants & Assisted purchase schemes, shared ownership purchase scheme and power of attorney.

Applicants

Maximum applicants

2 _{Up to 6 applicants on Specialist Buy-to-let}Up to 2 applicants on Standard Buy-to-let

Applicant type

Individuals Individuals (including sole traders and partnerships), Limited Individuals on Standard Buy-to-let Companies (including LLPs) on Specialist Buy-to-let

Minimum age

21 years 21 years (first time landlords 25 years)

Maximum age

(the maximum mortgage term cannot extend beyond the stated 70 years at end of mortgage term

retirement date) 85 years at end of mortgage term

Married applicants

Applications must be in joint names where an applicant is in a _{legally sanctioned relationship (i.e. married or in a civil union).} Applications can be accepted in sole names regardless of marital _status.

Mortgage / secured loan conduct

Proof of last 12 months mortgage payments required on the _{residential mortgage and 50% of the mortgage portfolio.} Proof of last 12 months mortgage payments required on 50% of the _{mortgage portfolio.}

ID and Residence

Summary

Aldermore uses an electronic identity verification system to check application data against a variety of public databases.If electronic verification does not pass the expected threshold proof of identity and residency will be required. Gaps in the voters role will be investigated to ensure 3 years address history is covered.

Proof of ID acceptable documents

• Valid UK Passport

• Valid UK Driving Licence – Photo card (Full or Provisional) • Valid Non UK passport or National ID Card

• HM Forces / Police Warrant Card • Firearms certificate or shotgun licence

• Identity card issued by the Electoral Office for Northern Ireland • HM Revenue & Customs correspondence - relating to current tax year

Proof of residence acceptable documents

• Utility bill • Full driving licence • Bank or credit card statement • Latest Council Tax bill

• Current HM Revenue & Customs demand or notice of coding

Documentation requirements

Ensure that the documentation is:

• Valid and in date (statements and utility bills must be no older than 90 days old) • Certified as a true copy (and likeness if photo ID)

• Signed and dated by an approved certifier (FCA/PRA authorised introducer or a professional person covered by Anti Money Laundering Legislation (AML) with their name printed)

Nationality

UK and EU Nationals

Applicants must be UK or EU nationals and have been continuously resident in the UK for the last 2 years. Aldermore will not lend to UK nationals who are not resident (ex-pats).

The following will be considered as resident:

• Crown employees, including members of the diplomatic service, working overseas • Members of the British armed forces stationed overseas

Non UK and EU Nationals

We can consider non-UK and EU nationals providing they have been resident in the UK for the last 2 years and also have a non conditional and permanent right to reside.

An applicant with less than 2 years’ UK residency is acceptable if applying jointly with another principal applicant who: 1. is a UK or EU national;

2. satisfies the UK residency requirements; and 3. can afford mortgage based solely on their income.

For applicants who are not UK and EU passport holders or do not have automatic permanent right to reside in the UK, please supply us with one of the following:

The applicant’s passport confirming identity along with the stamped page confirming permanent right to reside in the UK (the passport number should be identifiable on both pages) or a letter from the Home Office confirming permanent right to reside.

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First time buyers (FTB)

Definition

A first time buyer (FTB) is defined as someone who has never previously owned a property.

Restrictions

Accepted with no restrictions Not accepted

First Time Landlords (FTL)

Definition

n/a A first time landlord is defined as someone who has not owned a _{Buy-to-let property in the last 12 months.}

Restrictions and requirements

n/a

Accepted on Standard Buy-to-let only. Maximum £600,000 loan to 75% LTV.

Minimum age of 25 years.

Must own their current home and have 12 months satisfactory conduct where mortgaged.

If FTL does not have a current mortgage and there is no mortgage account conduct visible on the credit bureau, proof of property

ownership will be required.

Minimum income of £25,000 applies per application. In a joint application where one of the applicants is not FTL, a

minimum age of 21 will apply to that applicant.

Affordability

Minimum Income

_{(income will be verified, see income verification details below)}£10,000 (applicants must have a verifiable income source, see income No minimum income for existing landlords. verification details below).

Affordability / Serviceability

Affordability based income calculation.

Income (personal and/or rental) will be assessed to confirm the applicant’s ability to meet credit commitments and withstand

future interest rate rises.

Single residential units:

Minimum rental coverage of 125% at the product pay rate or reversion rate (whichever is higher).

If rental cover is between 125% and 150% an additional stress test will also be undertaken, which may be met via rental income or surplus personal income after debt is taken into account. If cover

is initially at least 150% or if the loan fits on a capital & interest repayment calculator no stress test will be applied. Personal income

will be verified in all cases. HMOs/Multi Freehold Units:

Lending under £500k: Minimum rental coverage of 185% at the product pay rate or reversion rate (whichever is higher) Lending over £500k or Multi Freehold (5 units or more)

or HMOs (7 bedrooms or more):

The loan pay rate will be loaded by 3.75% for Multi Freehold and 4.75% for HMOs and gross rents have to match or be greater than

the interest only costs of the loan (i.e. pay rate + either 3.75% or 4.75% x 100%)

Login to the Aldermore application processing system to access Residential Affordability and BTL single residential unit Rental calculators: aldermore.co.uk/login-centre

Employed

History

Minimum 12 months history (last 3 months in same occupation).

Document requirements

Latest P60 and payslips covering the last 3 months (or employers reference).

Acceptable income

guaranteed and regular overtime/bonus/commission, plus any allowable additional and acceptable income (see other income details Total gross annual income including basic salary, 100% of London weighting, 100% of shift allowance, 100% of car allowance, 50% of below).

Working for family

The company accountant will be required to provide an employment reference in addition to the standard employed income _{verification.}

Directors public limited companies

A director of a public limited company (or their direct subsidiaries) will be regarded as being an employee of the company for the _{purposes of employment and income verification.}

Self employed

Sole traders, partners, and sub contractors

2 years fully certified accounts, an accountant’s reference, or 2 years HMRC Self Assessment tax returns (SA302’s & Tax Year Overviews). Minimum trading period 2 years. Income will be derived from the net profit figures.

Directors private limited companies

Minimum trading period 2 years.

If the applicant’s shareholding is less than 25% they will be classified as being an employee of the company. If the applicant’s shareholding is 25% or more they are classified as being self employed and must provide:

2 years fully certified accounts, an accountant’s reference, or 2 years HMRC Self Assessment tax returns (SA302’s & Tax Year Overviews). Income will be derived from a combination of salary and dividends.

Partners in limited liability partnerships

(E.g. accountants, solicitors and architects) an employer’s reference from a senior partner or practice accountant can be accepted.

Accountants qualifications

Aldermore will only accept accounts or accountant’s certificates from practitioners with one of the following qualifications: • Institute of Chartered Accountants (England or Wales) (ICAEW) can use the following letters: ACA & FCA

• Institute of Chartered Accountants (Scotland) (ICAS) can use the following letters: CA • Chartered Accountants (Ireland) (CAI) can use the following letters: ACA & FCA

• Chartered Association of Certified Accountants (ACCA) can use the following letters: ACCA or FCCA • Chartered Institute of Management Accountants (CIMA) can use the following letters: ACMA or FCMA • Association of Authorised Public Accountants (AAPA) can use the following letters: AAPA or FAPA • Association of Accounting Technicians (AAT) can use the following letters: MAAT or FMAAT • Chartered Institute of Taxation (CIOT) can use the following letters: CTA

Other income

Secondary income

Income from a maximum of two sources can be considered.

Retired

Retired applicants must be in receipt of personal / company pension. Income will be verified via the latest pension statement or latest P60. State pension can be considered but only as a secondary income source.

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Trust funds

Income from trust funds may be considered. Terms and conditions of the trust income will be reviewed to ensure availability.

Rental and investment

Accepted when supported by 2 years fully certified accounts, an accountant’s reference, or 2 years HMRC Self Assessment tax returns _{(SA302’s & Tax Year Overviews). Income will be derived from the net profit figures.}

Contract workers

Applications from individuals that are employed on a contract basis are acceptable subject to the following: • The current contract must be for a period of at least 6 months

• If the contract has more than 6 months to run the applicant must have been employed for a minimum of 12 months in the same line of work

• If the contract has less than 6 months to run the applicant must have a 2 year track record of employment within the same line of work

• It is acceptable for applicants to be paid via an umbrella company, which pays tax and NI for the applicant

• Original or certified copies of the current and previous contracts will be required to confirm that contract period meets criteria

Professional sports people

Where applicants are self-employed the standard policy relating to self employment will apply. However, if the professional sportsperson is employed on a contract they must have been playing or competing professionally for at least two years and the current contract must have at least 1 year still to run. Additional income earned from endorsements will be considered if this can be evidenced. For applicants who are coming towards the end of their professional career it will be necessary to provide a satisfactory explanation,

including supporting evidence, of how they intend to support the mortgage post career.

Income we do not accept

Applicants on commission only, temporary workers, agency workers, income from foster caring, seasonally based jobs (e.g. crop _{pickers/holiday reps) or piece-workers, state benefits including working family tax credits.}

Let to Buy

Definition

A loan to refinance an applicant’s current residence on a Buy-to-let product (i.e. where the proposed security property is the applicant’s _{current address), which can be accompanied with capital-raising toward the deposit for purchase of a new residence, is permitted.}

Maximum loan and LTV

Let to buy transactions are limited to the following:• Maximum loan of £600,000

• Maximum LTV of 75%

Affordability / Serviceability

Rental income for the existing property should be at least 150% of either (a) the existing mortgage payment or (b) the interest payable on existing mortgage balance(s) at the lender’s standard variable rate in order to be considered self-supporting. Rental income should be confirmed by a reputable letting agent (i.e. Members of Association of Residential Letting Agents (ARLA),

The Property Ombudsman scheme or The Royal Institution of Chartered Surveyors (RICS).

If the property to be rented will not be self-supporting the income of the applicant(s) must be able to support both the existing and new loans and the application will be reviewed against Buy-to-let and Residential affordability assessments.

Additional requirements

If the applicant is moving to a property that is or will be unencumbered alternative documentary evidence of purchase/ownership The applicant will be required to supply a copy of an offer to lend in the purchase of the new residence. must be provided.

Forward purchase

Applications can be considered for the purchase of occupied property, up to a maximum 80% LTV, where an existing owner-occupied residential property will not be sold and instead be let. The deposit must be from the applicants own resources, including

any additional borrowing raised from the existing mortgage, and the letting must be on a formal recognised tenancy basis. If the existing mortgage is not with Aldermore a copy of the Consent to Let offer from the existing lender must be obtained.

Portfolio

Aldermore portfolio

1 residential property only. No portfolio limit. Portfolios in excess of 10 properties or £2m are by _{negotiation and individually priced for risk.}

Portfolio with other lenders

No portfolio limit.

Tenancy

AST period

n/a Assured Shorthold Tenancy (AST) for a period of between 6-36 _{months is required.}

Maximum number of individuals

n/a Up to 4 individuals (including students) are accepted on a single AST _{agreement. All individuals must be jointly liable for the rent.}

High value tenancy

n/a Where the rental income exceeds £100,000 per annum, Aldermore will require our own format tenancy agreement available on our website to be put into place.

Types of tenancy we do not accept

n/a Company lets, DSS tenants, letting to family members.

Property

Location

England (including the Isle of Wight), Wales (including Anglesey) and mainland Scotland.Properties in Northern Ireland are not accepted. *(England only applies to Help to Buy: equity loan).

Minimum valuation

£75,000

Maximum valuation

_{*(Maximum £600,000 valuation applies to Help to Buy: mortgage guarantee and Help to Buy: equity loan).}No maximum

Tenure

Freehold (heritable title in Scotland) or leasehold (with 60 years unexpired at completion and 40 years at end of mortgage term).

New build houses

Accepted

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Ex-public sector (i.e. local authority, housing

association, Ministry of Defence, etc.)

Houses accepted up to maximum product LTV limits Houses accepted up to 75% LTV Houses are subject to the following conditions:

• No outstanding pre-emption requirement to repay a proportion of the discount

• Valuer indicating that there is evidence of a meaningful level of private ownership within the estate • The property being of standard construction

Flats and maisonettes can be considered up to 75% LTV, subject to the following conditions: • Minimum property value of £150,000 (£200,000 in Greater London)

• No outstanding pre-emption requirement to repay a proportion of the discount • Maximum of 3 floors above the ground floor

• Secure communal access with no balcony access arrangements

• Valuer indicating that there is evidence of a meaningful level of private ownership within the estate • The property being of standard construction

Flats situated above restaurants/takeaways/

public houses/launderettes

Will be considered on a case by case basis up to a maximum of 75% LTV, except for flats immediately above takeaways which are restricted to a maximum of 60% LTV.

Houses in multiple occupation (HMOs)

n/a

On Specialist Buy-to-let:

HMOs (up to 6 bedrooms) accepted up to 75% LTV HMOs (7 bedrooms or more) accepted up to 70% LTV and maximum

term of 20 years

Multi Freehold Units

n/a

On Specialist Buy-to-let:

Multi Freehold (up to 4 units) accepted up to 75% LTV Multi Freehold (5 units or more) accepted up to 70% LTV and

maximum term of 20 years

Occupancy

Security property must be the applicants main residence. *(For Help to Buy: mortgage guarantee and Help to Buy: equity

loan applications this must be the applicants only dwelling wherever situated and cannot have a personal interest in any

other property including Buy-to-let or second homes)

The following regulated Buy-to-let applications are unacceptable: • Where the borrower intends to reside in more than 40% of the property at any time during the mortgage term

• Where more than 40% of the property will be occupied by a close relative (close relative is defined as spouse, civil partner, parent, brother, sister, child, grandparent or grandchild)

Property

Property types we do not lend on

Property with Planning Use Classes Order other than C3(a)(b)(c)

Property with Planning Use Classes Order other than: • C3(a)(b)(c)

• C4 (including- HMO with an ‘Article 4 direction’ in place) • HMO with Sui Generis planning use

Property subject to a shared ownership deed Property with pre-emption clauses in existence

Mobile homes Houseboats

Property for letting n/a

Property licensed as an HMO n/a

Multi-unit freehold n/a

Property held on a Commonhold basis Freehold flat or freehold maisonette

Property where a flying freehold exists and affects more than 15% of the total floor space

Property with restrictive covenants or saleability; e.g., retirement homes/houses or apartments found within a holiday park and sheltered housing schemes

Farms, smallholdings or properties with agricultural restrictions in place

n/a Newly built or newly converted flat

Serviced flat/apartment

Studio flat and/or flat with a total floor area of less than 30sq meters

Flat in a block with more than three floors above ground floor and which does not have a lift (top floor and attic can be considered as one floor, if they are part of the same flat)

Where Aldermore have over 33% exposure in a block of five flats or more Prefabricated building and unrepaired PRC construction

Property listed as defective under the 1984 and 1985 housing acts unless rebuilt to NHBC standards and with appropriate guarantees. (The adjoining properties must also have been repaired to the same standard).

Wimpey No-Fines (if constructed prior to 1946 or bungalow or flat) Laing Easiform construction (if constructed prior to 1966 or bungalow or flat) Property where high alumina or Mundic block cement has been used in the construction

Timber framed property that does not have a brick or “block and rendered” outer skin Steel framed constructions except post-1987 construction within BBA or WIMLAS certification

Property constructed using concrete Large Panel System (LPS) Property on which there is a local authority grant outstanding

Live/work units

Property with an anticipated lifespan of less than twenty-five years beyond the end of the mortgage term and/or where the condition significantly affects marketability

Property with no kitchen or more than two kitchens Property with no kitchen

Single residential investment property with more than two kitchens Property with no bath/shower room

Property which has shared access where a relative of the applicant resides in the other property

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Property which has internal door locks and/or separate utility

services n/a

Property which is being bought from the applicant’s own limited company

Property types we do not lend on

Grade 1 listed or Scottish equivalent Grade A listed security

n/a Where satisfactory tenant demand does not exist or the proposed _{security is considered unsuitable for private renting}

Japanese knotweed

If there is Japanese Knotweed present within the boundary of the property or neighbouring properties one of four categories will apply: • If category 1 applies no report or action is required unless recommended by the valuer.

• If category 2 applies each case will be reviewed on its individual merits, taking into account the valuers advice.

• If category 3 or 4 applies a full report and detailed treatment plan will need to be carried out by an appropriately qualified person who is a member of the Property Care Association. When treatment is required it must be carried out by a member of the Property Care Association, backed by a minimum 10 year insurance guarantee programme, and no mortgage funds will be released until the first part of the treatment programme has been undertaken. The guarantee must be property specific and transferable to subsequent owners and mortgagee in possession.

If the valuer reports that the presence of Japanese Knotweed on the property or neighbouring land (e.g. very close to the boundary) is an unacceptable threat to the subject property the application will be declined.

New build properties

Houses built within the last ten years must hold an acceptable guarantee/ certificate. Acceptable guarantees/certificates include: • Build Assure

• Build Life Plans • Build Zone • Castle 10 (Checkmate)

• CRL (Construction Register Limited) • Local Authority Building Control (LABC) • NHBC certificate,

• Premier Guarantee • Zurich Municipal Policy

A certificate which states the property was built under the supervision of a person belonging to one of the following: • fellow or member of the Royal Institution of Chartered Surveyors (FRICS or MRICS)

• fellow or member of the Institution of Structural Engineers (F.I.Struct.E or M.I.Struct.E) • fellow or member of the Chartered Institute of Building (FCIOB or MCIOB) • fellow or member of the Architecture and Surveying Institute (FASI or MASI) • fellow or member of the Association of Building Engineers (FB.Eng or MB.Eng)

• member of the Chartered Institute of Architectural Technologists (formally British Institute of Architectural Technologists) (MCIAT) • an architect registered with the Architects Registration Board (ARB). An architect must be registered with the Architects Registration

Board, even if also a member of another institution, for example the Royal Institute of British Architects (RIBA) • fellow or member of the Institution of Civil Engineers (FICE or MICE).

In addition to the above qualifications, at the time the certificate of practical completion is issued, the consultant must have

professional indemnity insurance in force for each claim for the greater of either: the value of the property once completed; or £250,000 if employed directly by the borrower or, in any other case, £500,000.

Fees

Completion and electronic transfer fees can be added to the loan up to 80% LTV. Fees will be automatically deducted on products above 80.1% LTV. Where fees are added they will be excluded from the LTV calculation but will be included in the affordability assessment. Fees added to the loan will attract interest over the mortgage term.

Solicitors

Aldermore panel

England & Wales: Must have a minimum of 4 partners in the firm, must be registered on the Law Society of England & Wales

(website: www.lawsociety.org.uk), must hold the Conveyancing Quality Scheme (CQS) accreditation and subject to acceptance onto the Aldermore panel.

Scotland: Must have a minimum of 3 partners in the firm, must be registered on the Law Society of Scotland

(website: www.lawscot.org.uk/wcm/lssservices/find_a_solicitor) and subject to acceptance onto the Aldermore panel.

Separate legal representation

nominated Solicitor. Applicants can choose to use the same Solicitor and benefit from competitive conveyancing costs, or take Aldermore will require legal representation on loans above £400,000 (£600,000 in London and South East England) through its independent legal advice

Free legal fees

pay for the costs of the legal work necessary to move the mortgage to Aldermore. Costs incurred for any additional work must be paid Aldermore currently offers free legal fees for all individual, single residential unit remortgages, through its nominated Solicitor and will by the applicants.

London and the South East area is defined below

Greater London: E (East London), EC (Central London), N (North London), NW (North West London), SE (South East London), SW (South West London), W (West London), WC

(West Central London).

South East: BN (Brighton), BR (Bromley), CT (Canterbury), CR (Croydon), DA (Dartford), GU (Guilford), HA (Harrow), HP (Hemel Hempstead), KT (Kingston upon Thames), ME (Medway), OX (Oxford),