Latest news with #Aldermore
Daily Mail
17-05-2025
- Business
- Daily Mail
Britons saving 10% of income for a rainy day
Britons put away 9.9 per cent of their incomes for a rainy day over the past 12 months – the second consecutive yearly increase, new data shows. Almost one in five have managed to save more over the past year – an extra £951 on average, according to the annual Savings Tracker from Aldermore Bank. The proportion who are financially struggling has also declined, from 21 to 18 per cent. However, while adults in the UK have around £7,500 in savings on average, there is a persistent disparity between genders. Men have £15,000 on average, compared with £3,000 for women. Men who increased their savings this year added an extra £1,500, while women saved an additional £750 on average. Savers could find it harder to increase their nest eggs this year due to falling interest rates. Savings providers have been announcing cuts to their easy-access accounts since the Bank of England base rate cut earlier this month. Fixed-rate accounts are also falling, with the average one-year fixed rate account now standing at 4.03 per cent. Alex Myers, director of savings at Aldermore says: 'Falling interest rates bring relief for borrowers and an opportunity for savers to ensure they have the right strategy in place.'
Finextra
15-05-2025
- Business
- Finextra
Aldermore selects Finova lending origination platform
Finova, the UK's largest cloud-based mortgage and savings software provider, has today announced a new and extensive partnership with specialist lender Aldermore. 0 Aldermore is a long-standing customer of Finova, first partnering with the provider in 2016. Following a comprehensive market review, Finova delivered a series of successful pilot projects with its lending platform, formerly known as Apprivo. Building on this success, Aldermore has chosen to extend this relationship across both origination and servicing - covering key areas of its mortgage business, including specialist buy-to-let, commercial real estate, and residential lending. The expanded five-year partnership is built on a shared commitment to cloud-native technology and agile delivery. By adopting a more flexible, iterative approach to development, both organisations aim to accelerate innovation and ensure the platform continues to evolve in line with Aldermore's strategic goals. For mortgage originations, Aldermore will adopt Finova Lending - a SaaS-based origination platform helping to streamline the time to offer and improve operational efficiencies. Aldermore will benefit from a number of key features including advanced decisioning tools, its task automation module 'Enhanced Tasks' and post-contract variation capabilities - such as product switches and further advances. In addition, Finova Lending's self-serve features will enable Aldermore to make rapid in-house changes to products and pricing, driving operational agility and enabling faster responses to market volatility. Aldermore also cited Finova Lending's composable architecture as a major factor in its decision. The platform's modular design allows for either a fully orchestrated end-to-end solution or a headless setup that integrates into Aldermore's own existing composable tech stack. For mortgage servicing, Aldermore is already benefiting from the successful upgrade and migration of its servicing solution to Microsoft Azure. Finova has significant expertise in managing complex Azure workloads, with most of its client base already operating in Azure as a managed service. By joining this hosted environment, Aldermore will benefit from containerised infrastructure, Security Operations Centre (SOC) and Security Information and Event Management (SIEM) capabilities, live operational data feeds, and other Azure-native services. Richard Marsh, Chief Operating Officer at Finova said: 'We are delighted to extend the partnership with Aldermore. It's an extensive partnership covering origination for a range of mortgage products, wholly powered by Finova Lending and an upgrade and cloud migration of our servicing solution. Together, Finova and Aldermore are building a robust platform to meet Aldermore's ambitious targets for UK specialist lending, and I am looking forward to building on the initial success of this relationship over the coming years. Ross Dalzell, Managing Director of Property at Aldermore, added: 'As a lender, we faced the decision of whether to build in-house or invest in a third-party solution. Finova Lending gives us the best of both worlds—a fully deployed solution with the flexibility to build on top of it, thanks to the platform's composable architecture. It's the right fit for our strategy, and we're excited to go live with buy-to-let as the first step in this journey.'
The Independent
06-05-2025
- Business
- The Independent
Fifth of people ‘avoid checking bank balance because of feeling anxious'
More than one in five (22%) people avoid looking at their bank balance because of feeling anxious about their finances, a survey has found. This rises to more than a third (35%) of millennials aged 28 to 43 and some two-fifths (43%) of Gen-Z adults aged 18 to 27, according to a savings tracker from Aldermore. One in seven (14%) Gen-X adults (aged 44 to 59) and and 5% of baby boomers (aged 60 to 78) also adopt the 'head in the sand' strategy. One in nine (11%) of those who avoid reviewing their spending said they have saved less than £100 over the past year. Nearly two-thirds (62%) of people said they have dipped into their savings in the past year with nearly three in 10 (29%) saying they had done so in the past month. Some people surveyed also did not know how much they spend on outgoings such as childcare, mortgages or rent, utility bills, TV packages and gym memberships. More than a third (36%) said they use their overdraft, meaning some could be accumulating overdraft charges they are unaware of if they avoid looking at their balance. Alex Myers, head of savings at Aldermore, said: 'Our research shows that many UK adults are flying blind when it comes to their essential spending. 'This data is a wake-up call – if you're not tracking your expenses, you risk falling into a cycle of debt and diminishing your savings. 'The solution isn't about cutting back drastically, but rather about taking small, consistent steps to understand and manage your money better.' Opinium Research surveyed 3,000 people across the UK in January, on behalf of Aldermore bank. Here are some ways that people can get on top of their bank balance: 1. Make the most of banking apps and notifications to keep on top of your bank balance and avoid overdraft charges. 2. Check the regular payments you have set up on your account to avoid surprises. 3. See if you could make subscription costs or other household bills cheaper by going for 'no frills' options or switching providers. 4. Consider how you use your bank account and if there could be other deals that may suit your needs better, for example by looking for less expensive borrowing options or accounts that offer rewards. 5. Many households have money sitting in accounts paying little or no interest, so see if you could make more of your money by moving it into a higher interest-paying account.
Yahoo
28-02-2025
- Business
- Yahoo
Aldermore Bank supports Select Plant Hire with £2.9m asset finance facility
UK-based Aldermore Bank has strengthened its partnership with Select Plant Hire by providing £2.9m ($3.67m) in asset finance for modular accommodation, which will support the TransPennine Rail upgrade between Leeds and Manchester. The government-backed project aims to enhance connectivity and economic growth in northern England. Since December 2023, Aldermore has supported Select by financing a range of construction assets, including crawler cranes, scissor lifts, tower cranes, battery units, and mast sections. This additional funding for modular units positions Select as one of Aldermore's key corporate customers, with further business opportunities anticipated, the lender said. With more than 30 years of experience, Select supplies equipment and services to the construction industry. Aldermore's asset-based lending (ABL) facility is designed to provide small and medium-sized enterprises (SMEs) with access to funding by unlocking the value of existing assets, such as debtors, machinery, and property. This funding allows businesses to expand and continue their operations. Aldermore business development manager Jon Burrell said: 'It has been a pleasure to support Select on this exciting project, which is set to deliver significant improvements to the region's infrastructure. 'At Aldermore, we pride ourselves on being a trusted funding partner, helping businesses like Select to innovate and grow. Their commitment to sustainability and excellence in the construction industry is truly inspiring, and we look forward to continuing to support their journey.' Select Plant Hire finance leader David Lane said: 'Aldermore, once again, has proven to be an invaluable funding partner. Their expertise and flexibility have enabled us to provide vital support to the TransPennine Rail upgrade, one of the most significant infrastructure projects in the UK. We value their dedication and look forward to continuing to build a strong relationship as we work towards our science-based targets.' In December, Aldermore provided a multi-million-pound asset-based lending package to support the Astwood Group, led by Michael Capewell, in its acquisition of TD Cross, trading as Cross and Morse. "Aldermore Bank supports Select Plant Hire with £2.9m asset finance facility" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
