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Aldermore ups age limit to 85 with later-life lending range  

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  • 11/05/2018
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Aldermore ups age limit to 85 with later-life lending range   
Specialist lender Aldermore is to launch later-life products amid growing demand from older borrowers who want to tap into equity in their homes.

 

 

From May 14, the lender will extend its maximum age at application to 85 and offer loans aimed at these applicants, with the products available through selected distribution partners.

The new range will feature two-, three-, five- and 10-year fixed rate mortgages, at up to 75% loan to value.

Rates start from 3.38% at 60% loan to value (LTV), and there is also a variable rate option. All products have a £999 fee.

Aldermore said it worked with partners to build and develop the range, which will be made available through Openwork, AToM, Personal Touch FS and Finance Planning.

There will be no limit on overpayments and no early repayment charges on the variable product in the hope that customers can borrow what they need and pay it back at a manageable rate.

And on the 10-year fixed rate product, no early repayment fees will be charged after five years.

 

Change is needed

Charles McDowell, Aldermore’s commercial director, Mortgages (pictured) said: “The house buying journey has changed markedly over the years.

“First-time buyers are more likely to be in their 30s or 40s, second stepping is delayed and retirement is later.

“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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