In an interview with B&C, Jon Cooper, head of omnichannel distribution at Aldermore, claimed that many first-time buyers started their careers in the aftermath of the financial crisis.
“This generation of first-time buyers is the most diverse in terms of circumstance ever, and they need choice and options.
“It is understandable many struggled to establish their careers, may have had gaps in employment, student debt and credit issues in their past, such as overdrafts, payday loans and some may even have CCJs.
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“We provide them [with] a choice of products to suit their needs, including products for small deposits and the Help to Buy equity loan, alongside providing help to those with a variety of credit issues in the past, which previously would have blocked them from the market.”
In addition, Aldermore said it was looking at how it could support the later life lending space.
“The later life lending sector is a growing market with one in four people in the UK predicted to [be 65 or older] by 2050, and many will want [a] choice in how to use their housing equity for retirement plans they may have.”
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