Aldermore raises another £40m ahead of expected London float

Tim Wallace
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CHALLENGER bank Aldermore yesterday sold a £40m stake to two hedge funds, worth roughly nine per cent of the lender.

Lansdowne Partners paid £10m, valuing its stake at around two per cent.

The fund is a major investor in the financial services sector, with around $10bn (£6.1bn) in assets under management.

Meanwhile Sky News reported another £30m has been put into the lender by Toscafund, giving it a stake of around seven per cent.

Aldermore declined to comment, but is thought to be planning to float on the stock market next year.

It came as the bank unveiled the details of the new loans it is offering as part of the Help to Buy mortgage guarantee scheme.

The two-year fixed rate mortgages will be offered to buyers with deposits of between five and 15 per cent. It will charge rates of 4.98 per cent on 90 per cent loans and 5.28 per cent on 95 per cent loans, as well as £999 product fees.