By Ashley Pearson, Head of Intermediaries at The Loughborough Building Society
Loughborough Building Society has announced a criteria change to its lending in retirement proposition which will allow borrowers to raise capital in order to bolster their savings pot.
Cases will continue to be assessed on an individual basis with applicants potentially able to raise funds for a combination of purposes including home improvements, debt consolidation, gifts to family, new car, care home fees, holidays, deposit on a second home/buy-to-let property and/or to replenish their savings.
This improvement is designed to further strengthen The Loughborough’s unique approach to later-life lending and its comprehensive product offerings. It follows a significant enhancement to its lending in retirement proposition in September 2024 when the Society moved to assess income at 4.5x up to the applicant’s retirement age, marking a notable increase from its previous 3.5x income assessment.
For applicants already aged 80 or over, The Loughborough will continue to consider applications with a maximum income multiple of 3.5x for both single and joint applicants.
Ashley Pearson, Head of Intermediaries at Loughborough Building Society, commented:
“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.”