Challenger Aldermore expands Scottish mortgage offering

Challenger bank Aldermore is continuing its push into the UK market with a new range of products aimed at the bridging finance and property development sectors in Scotland.

Previously, the lender offered just residential, buy-to-let and commercial mortgages north of the border.

Aldermore group managing director of mortgages Charles Haresnape said: “We’re delighted to offer bridging and property development in Scotland at a time when the housing market north of the border is starting to show signs of renewed confidence.

“Scotland is a key segment of the UK property market and one that is showing strong signs of growth with an estimated 465,000 new homes needed by 2035. Bridging and property development finance are both vital segments of the housing market and we are happy to help developers and investors by providing a selection of flexible finance options to get closer to this goal.

“Our new range of products will give brokers additional choice as well as personal service, which is based on skilled underwriting rather than automated credit scoring, will undoubtedly be a welcome development.”

Aldermore, founded in 2009 in the wake of the credit crunch and banking sector meltdown, aims to provide property finance from development to refurbishment.