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Loughborough BS removes borrower age limit

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  • 02/05/2018
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Loughborough BS removes borrower age limit
Loughborough Building Society has removed the upper age limit to its mortgage range available through brokers.

 

The lender said that as the average age of the population increases it recognised borrowers were more likely to work for longer and also enjoy a longer period of retirement.

It will offer a maximum mortgage term of up to 25 years even if the applicant is over 70 at the start.

The Loughborough will allow interest-only up to 60% loan-to-value and permit the sale of the mortgaged property to be the repayment strategy.

CEO Gary Brebner (pictured) said the society was proud to help people purchase and improve their own home, regardless of their age.

“As well as finding solutions to support first-time buyers, we recognise there are also mortgage needs much later in life,” he said.

“Our approach to underwriting means we look at each mortgage case individually and can often offer solutions to people who perhaps believe they don’t have one.”

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