Mansfield Building Society has made a number of changes to its lending criteria to support borrowers looking for mortgages in or into retirement.
The maximum age for capital repayment lending has been pushed back by 10 years, so borrowers can now repay their mortgage before they turn 95.
The maximum loan to value (LTV) for later life lending was also raised from 70% to 75%, and this can now start from age 75 for non-manual workers, compared to age 70 for those in manual jobs.
Mansfield’s maximum 75% LTV matches its interest only lending cap, which is still available up to age 85 and includes the society’s interest only with a downsizing option.
With this downsizing proposition, older borrowers can raise money or consolidate debt on an interest only basis and pay back the capital when they move to a smaller home, as long as there’s at least £200,000 equity left.
Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said: “More and more borrowers are seeking lending solutions in later life and we always try to respond and adjust our flexible lending to meet their needs.
“Retirement is as much a process as it is an event, and by extending our age ranges, we can accommodate those who may choose to work longer, including those in non-manual roles.
“Importantly, our maximum age and LTV criteria updates can be applied across our various mortgage features, including capital raising, debt consolidation and our product ranges for more complex circumstances.”
