Lending to 85 is available on a capital repayment basis, while the lender is accepting interest-only to 80 with an ‘acceptable repayment strategy’.
Mansfield Building Society has extended its maximum age limit from 80 to 85 on its 60% loan-to-value 2-year discounts.
Lending to 85 is available on a capital repayment basis, while the lender is accepting interest-only to 80 with an ‘acceptable repayment strategy’.
Mike Taylor, product and marketing manager, said: “Building societies have committed to review their maximum age policies. We are clear that we can extend the maximum age whilst being a responsible lender because each case is individually assessed by an underwriter based on the applicants’ personal circumstances.
“A commonsense approach that assesses each case on its own merits can ensure that older borrowers have access to mortgage options. This is another important step to ensure that The Mansfield offers people approaching or in retirement a range of residential mortgages to meet their changing needs.”
