Aldermore announced some product changes. See below for more information. For information on their current products and criteria call our team or click here. REMEMBER, you can access the Aldermore range using our Direct to Lender mortgage club so do contact us for further information. For any Documents Click here. Calculators Click Here.
We’ve increased our maximum age
We know there’s a greater demand for your clients to have mortgages that align with their circumstances. That’s why we’ve increased the maximum age that they can borrow until at the end of their mortgage term.
Clients can now borrow up to age 75 or their declared retirement age, whichever is lower, for capital repayment mortgages.
This change will give people the option to spread their payments over a longer term, supporting affordability and the current cost of living pressures.
The applicants must be 55 years or younger on application and the rules will continue to apply to the eldest applicant for joint applications.
We’ll continue to base our affordability assessment on the applicant’s working income and any retirement income of which they’re already receiving.
Nicola Goldie, Head of Strategic Partnerships & Growth at Aldermore said: “This has been a challenging year for homebuyers with higher interest rates and increased market uncertainty. The changes we’re continuing to make are focused on supporting those who need help in finding the right solution for their needs.”