The Leeds extends maximum ages for borrowers

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The Leeds Building Society has extended the maximum ages across its mortgage range.

It will now accept applications from consumers who would be aged up to 85 at the end of their residential mortgage term.

As five years is the minimum mortgage term the Society offers, this means the maximum age at application for a residential home loan would be 80.

For buy-to-let borrowers, the Society has removed the maximum age altogether.

Matt Bartle, Leeds Building Society’s director of products, said: “We keep all our lending criteria and our product range under constant review and are always seeking out new ways to deliver on our mission to help more people have the home they want.

“This criteria change is the latest improvement we’ve made, supported by our understanding of customer need in this evolving market.

“That’s informed our innovation in later life lending – for example, it’s almost a year since we became the first national high street lender to launch Retirement Interest Only mortgages.

“We chose to enter that new market following extensive research into borrowers’ needs as they age and how to support them in later life and we continue to work closely with consumers and our broker partners to further enhance our later life lending proposition.

“Mortgage choice is always a highly personal decision and, for older borrowers in particular it’s essential that they take appropriate advice bearing in mind their financial position as a whole.”

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