Loughborough Building Society said the change would support borrowers seeking later life borrowing for purposes such as home improvements, debt consolidation, gifting, second home purchases, or even restarting homeownership following life events such as divorce.
Ashley Pearson, head of intermediaries at Loughborough Building Society, said: “As a society, we recognise that many people in their later years may be seeking lower monthly mortgage repayments, often through longer terms or interest-only options, for a huge variety of reasons.
“Whether clients are consolidating debt, improving their home, or investing in a second property, increasing our maximum LTV cap to 70% on interest-only mortgages beyond the age of 80 provides our intermediary partners with a more comprehensive toolkit to support those later life borrowers with unique financial circumstances.
“It’s all part of our mission to empower this generation to access the funding they need, in a responsible manner, by offering greater flexibility and financial independence in their retirement.”
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Together ups max loan sizes and LTV
Specialist lender Together has increased the maximum loan sizes across a range of commercial products.
The maximum loan size for commercial term products will go up to £5m, and the buy-to-let (BTL) maximum loan size will go up from £2.5m to £4.5m.
The maximum non-standard property loan to value will go from 60% to 65% for all products across commercial and personal finance, including first and second charge and BTL deals.
Second charge homeowner business loans’ maximum loan size will go up to £1m up to 70% LTV.
Tanya Elmaz, director of intermediary sales at Together, said: “We are committed to constantly innovating our product range to enable us to serve increasing numbers of brokers and customers. Through increasing our maximum loan sizes we are able to offer our award-winning flexible-criteria products, alongside our speed of service, to even more customers.
“Our confidence in the market is demonstrated by our strong appetite to lend, and our ability to provide funding on non-standard properties demonstrates the strength of our underwriting team.”
