A £250 cash back incentive will now be offered to borrowers taking a later life mortgage which has no maximum age at the end of the term and can be taken out for up to 35 years.
The range includes a variable term discount mortgage with an initial interest rate of 3.09 per cent and no early repayment charges.
There is a maximum loan to value restriction of 60 per cent if the mortgage term extends beyond the borrower’s 80th birthday.
Ashley Pearson (pictured), business development manager at The Loughborough, said: “Many borrowers who are coming up to retirement, or already retired are looking to move closer to family, improve their homes, take lifetime holidays and help younger family members finance their first homes so it’s a pleasure to be able to make that possible.
“With no upper age limit we’re able to help more people with a range of specific individual needs.”