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Cambridge Building Society removes maximum mortgage age cap

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  • 15/01/2016
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Cambridge Building Society removes maximum mortgage age cap
The Cambridge Building Society has removed the upper age limit on its residential and buy-to-let mortgages following a campaign led by the Building Societies Association to tackle age discrimination.

Customers able to make repayments will be considered for a mortgage regardless of age at term-end.

The society’s underwriting manager Louise Goullée was part of the team the BSA put together to review lending to older borrowers among its members.

The BSA published an interim report, Lending into Retirement, in November 2015 which contained recommendations for lenders to consider including reviewing the maximum age policies on mortgages.

Goulée said: “The key priority for us as a responsible lender is, and always has been, to make sure the customer can afford to make repayments on their mortgage and that it is the right solution to their needs.

“We look at each application individually so there’s no reason for age to be a specific barrier to getting a mortgage, remortgaging to release equity or moving into the buy-to-let market.”

Head of mortgage policy at the BSA Paul Broadhead said: “As our interim report Lending into Retirement found, the ageing population is materially changing the demand for borrowing into and in retirement.

“It is encouraging to see the Cambridge and a number of other societies reacting positively and flexibly to this change. It is clear that building societies continue to lead the way in serving a broad spectrum of borrowers’ needs.”

Last week Dudley Building Society removed its maximum age limit across its mortgage range.

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