Loughborough Building Society has made changes to its lending in retirement proposition, allowing borrowers to raise capital to boost their savings.
The society will assess income on a case-by-case basis, with applicants able to raise funds for various purposes, including home improvements, debt consolidation, and replenishing their savings.
The changes followed an enhancement to the society’s lending in retirement proposition in September 2024.
The society will continue to consider applications from borrowers aged 80 or over with a maximum income multiple of 3.5-times for both single and joint applicants.
Ashley Pearson, head of intermediaries at Loughborough Building Society said: “As a society, we continually strive to adapt and evolve our product offerings to better meet the needs of borrowers throughout their lending journey.
“This latest enhancement to our lending in retirement criteria demonstrates our ongoing commitment to providing flexible and responsible solutions, empowering borrowers to make the most of their later years and achieve their financial goals with the support they deserve.”
