As the UK population continues to age, there has been a noticeable trend of older individuals remaining active in the business world. According to the Office for National Statistics, the number of people aged 50 and over who are starting their own businesses has increased by 7% since 2015. Additionally, a significant proportion of individuals aged 65 and over are using property investment as a source of income, with over 2.5 million retirees currently renovating and renting out properties for additional revenue.
The shift in cultural perceptions of retirement has played a significant role in this trend, with many older individuals choosing to continue working or starting new ventures well into their later years. This shift has opened up a need for funding for older borrowers in the asset and commercial finance space. Whether they are looking to invest in property, expand their existing businesses, or purchase new equipment for an existing venture, there are a range of funding options available to support their financial needs.
There are funders in the market who specifically cater to older borrowers, offering tailored financial products and services to meet their unique requirements. For example, some funders may offer extended loan terms or lower interest rates for older borrowers, recognising the wealth of experience and stability they bring to the table. Brokers who are part of our network can connect older borrowers with these specialised funders, ensuring they receive the best possible financial support for their ventures.
It is important to note the importance of conducting vulnerable customer checks when dealing with older borrowers. While older individuals may bring valuable assets and experience to the table, they may also be more susceptible to financial exploitation or fraud. As such, it is crucial for brokers to take extra care when assessing the financial needs of older borrowers, ensuring they are protected from any potential risks or challenges that may arise.
In conclusion, older borrowers are a growing demographic in the asset and commercial finance industry, with a wealth of opportunities and support available to them. By understanding the unique needs of older borrowers, brokers can effectively connect them with specialised funders and ensure they receive the financial support they require to grow their businesses and investments in later life.
