Aldermore to enter Later Life Lending market - Increasing maximum age at application to 85

IN: Newsroom
  • Aldermore to extend its specialist mortgage offering to later-life products, in response to a growing demand from older borrowers – available from Monday 14th May via selected distribution partners
  • Aldermore is well placed to address this need, thanks to its human approach to lending
  • This launch highlights Aldermore’s commitment to serve those typically not supported by high-street lenders
  • Aldermore has worked with a selection of expert partners to build and develop the product

From Monday 14th May, specialist Bank Aldermore, will extend its mortgage offering with the introduction of later-life products. This new offering is aimed at applicants aged from 55 to 85 and is for those borrowers who wish to access equity in their home without having to sell it, whether they want to make retirement the time of their life, support their children in getting on the housing ladder or plan for later life needs.

The new range will feature 2, 3, 5 and 10 year fixed rate mortgages as well as a variable option. There will be no limit on overpayments and no early repayment charges on the variable product. This is to ensure customers can borrow what they need and pay it back at a manageable rate. On the 10 year fixed rate product, no early repayment changes will be applicable after 5 years, giving customers the security and flexibility they want. Affordability is assessed on the income at the outset of the loan (if the borrower has not already retired) and actual or anticipated retirement income, with the lowest outcome determining the maximum loan amount.

Charles McDowell, Aldermore’s Commercial Director, Mortgages comments: “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. Our simple to use bespoke Later Life Lending calculator allow us to access each application on its own merits. Recent research1 we conducted reveals that 52% of those who would take out a product of this type would use it to travel in retirement whilst 51% would use it to do house improvements and renovations. In short, no matter what our customers want to achieve in later life, remortgaging is an easy way to unlock this capital and fund their plans.”

Product information:

Maximum loan size


Maximum LTV




Purchase and Remortgage

2 year fixed (initial rate)



3 year fixed (initial rate)



5 year fixed (initial rate)



10 year fixed (initial rate)



Product fee


Reversion rate

AMR+ 0.00%

AMR+ 0.50




Purchase and Remortgage

Term Variable (initial rate)



Reversion rate

AMR- 0.8%

AMR- 0.5%

Product fee


continues: “At Aldermore, we are passionate about supporting those people who would typically be excluded from mainstream lending. Thanks to our human approach, we are able to consider each case on an individual basis, ensuring we can give the customer the support they need. With our new Later Life Lending proposition, we truly believe we can help more people with their borrowing needs, empowering them to live the life they want in retirement.”  

The product will be available through multiple partners that cover a broad range of distribution channels, all of whom worked with Aldermore to develop this proposition -  OpenWork, AToM, PTFS and Finance Planning.


1 Research conducted by Opinium, from 27 to 30 April 2018, 2003 nationally representative UK adults (18+)

Notes to editors

For further information, journalists can contact:

Follow us on Twitter: @AldermoreNews

Phone:          0207 294 3631

For further information about Aldermore, please review our Notes to Editors page. 


  • Mortgages
  • Press Release
  • Personal Mortgages
  • Comment