Aldermore sees rise in over-70s demand

Robyn Hall

November 12, 2014

The bank, which has a mortgage book in excess of £3bn, has seen an influx of buy-to-let enquiries as a response to the pensions changes made in this year’s Budget.

Brown said: “One area where we are bringing in quite a bit of business – and certainly a lot of enquiries – is around older customers.

“With the attention to the pension changes coming in next year we are finding a lot of people who are thinking of taking out a buy-to-let for the first time at the age of 70 plus – without intending to go into this space it’s opened up a niche area for us.”

Aldermore has a maximum entry age of 75, as Brown added: “We’ve got a 5-year window where we are picking up a lot of enquiries and it is starting to turn into business.

“I am sure that will continue when some of those pension funds are opened up.

“There is a debate to be had around maximum ages on buy-to-let since as a market we are building more and more portfolios for customers and some of those are going to want to continue to service them.

“If someone’s got a management company that’s managing that portfolio or helping to manage it there is no reason why a customer should want to sell up and realise gains at that point in time.”

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