The Leeds extends maximum ages for borrowers

Published on

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.”

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

Bridging Soup launches major market research initiative

Bridging Soup has launched a new research initiative to build a clearer picture of...

Just one in seven homes records five years of growth

Fewer than one in seven UK homes increased in value during every year of...

Word On The Street arranges £108m of property finance in record year

Word On The Street arranged more than £108 million of property finance across 239...

Beverley enhances SIPP income assessment

Beverley Building Society has introduced a tiered approach to assessing income from self-invested personal...

Commonhold and RTM: do not mistake control for simplicity

Commonhold is presented as a fairer form of flat ownership. Right to Manage (RTM)...

Latest publication

Other news

Bridging Soup launches major market research initiative

Bridging Soup has launched a new research initiative to build a clearer picture of...

Just one in seven homes records five years of growth

Fewer than one in seven UK homes increased in value during every year of...

Word On The Street arranges £108m of property finance in record year

Word On The Street arranged more than £108 million of property finance across 239...