The Dudley scraps upper age limits

Published on

The Dudley Building Society has removed all upper age restrictions across its entire product range.

The move is designed to help older clients, who might not have qualified to buy, downsize or remortgage.

Other criteria changes include:

  • Properties above four storeys now accepted
  • Second home LTV increases from 70% to 80%
  • Clarity upon family members that can be used as guarantors
  • Interest-only repayment vehicles now include sale of business, cash savings and sale of other assets

The Dudley Building Society is the only society to deal exclusively through the intermediary market.

Jonathan Moore, head of credit at Dudley Building Society, said: “For too long, older borrowers have struggled to find mortgage availability, and those options which did exist generally treated these borrowers as second class citizens by forcing them to borrow from a limited range. We consider all borrowers to be equally worthy of consideration, and by making our entire range available, we will demonstrate that we do not discriminate by age.

“In our opinion, cases from older borrowers offer no more risk than younger ones, providing that underwriting is carried out by professional human underwriters. However sophisticated credit scoring becomes, when dealing with more complex cases, there really is no substitute for human consideration. We are confident that we can provide a strong proposition for brokers with older clients.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Bank of England expected to hold interest rates at 4.5% amid economic uncertainty

The Bank of England is widely expected to maintain interest rates at 4.5% when...

£6.5k bill for homebuyers who miss stamp duty deadline

Rent and mortgage spending rose 7.7% year-on-year in February, as more homeowners moved from...

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...

Nationwide ups LTV limits for interest-only and foreign national borrowers

Nationwide has announced changes to its mortgage lending criteria, increasing the maximum loan-to-value (LTV)...

Other news

Bank of England expected to hold interest rates at 4.5% amid economic uncertainty

The Bank of England is widely expected to maintain interest rates at 4.5% when...

£6.5k bill for homebuyers who miss stamp duty deadline

Rent and mortgage spending rose 7.7% year-on-year in February, as more homeowners moved from...

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...