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Aldermore enters later-life lending market

Jordan Williams | 14:30 Monday 14th May 2018

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.”

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