Aldermore has announced that it is launching later-life products via selected distribution partners.
The new product range is aimed at clients aged between 55 to 85, who wish to access equity in their home without having to sell it.
Aldermore's later-life lending range includes two-, three-, five- and 10-year fixed rate mortgages.
There is also a variable option which has no limit on overpayments and no early repayment charges.
Charles McDowell, commercial director of mortgages at Aldermore, said: “The house-buying journey has changed markedly over the years.
“It is our responsibility as a specialist lender to ensure we evolve our offering to address this change and we have worked hard to build a proposition that we are confident will meet this need.
“We also believe that a change is needed in the way we consider later-life lending.
“The people this product is aimed at do not make up one homogenous group and shouldn't be treated as such.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Crown Agents Bank appoints new NED
Crown Agents Bank has announced the appointment of Susanne Chishti (pictured above) to its board as a non-executive director...
Ex-RBS director joins Triodos Bank
Triodos Bank has appointed Rob Keegan (pictured above) to head up a team supporting UK SMEs...
UTB appoints new asset finance BDM
United Trust Bank (UTB) has appointed Paul Barter (pictured above) as a business development manager for asset finance to support brokers in central England and Wales...
Secure Trust Bank launches its cheapest ever mortgages
Secure Trust Bank (STB) has launched its cheapest ever mortgages, with rates starting at 2.04%...
Temenos to support Varo Money’s bank launch
Varo Money has signed up for Temenos’ T24 core banking as it prepares for the launch of its new bank in the United States...
Klarna to acquire Close Brothers Retail Finance
Close Brothers Group has announced the sale of its retail point of sale finance business to Klarna Bank AB...
Masthaven appoints Rob Barnard as sales director for long-term lending
Masthaven has appointed Rob Barnard at its new sales director for long-term lending...
Paysend introduces global account
International payments and money transfer company Paysend has announced the beta program for its new global account service, which allows people to hold, move and spend multiple currencies worldwide...
Masthaven introduces business savings account
Masthaven has announced the launch of its business savings account...
Monese secures £5.3m investment from Augmentum Fintech
Augmentum Fintech PLC has announced an investment of £5.3m in current account provider Monese...
Redwood Bank hires new BDM
Redwood Bank has appointed Mark Dolphin (pictured above) as its BDM for Yorkshire and the North East...