Residential mortgage customers can now secure loans that will end when they are 85 years old. The maximum age at application is therefore 80 years and this would be for a five-year mortgage.
“We keep our lending criteria and product range under constant review and we are always seeking new ways to help people own the home they want,” said Matt Bartle, Leeds Building Society director of products (pictured).
The criteria change is Leeds Building Society’s latest in support of an ageing population of potential borrowers and reflects feedback from customers and brokers.
“We are innovating to support an evolving market in later life lending,” Bartle said.
“We chose to enter the retirement market following extensive research. We continue to work closely with customers and brokers to enhance our later life lending proposition.”