Borrowing into Retirement re-vamp
Posted on January 18, 2019
Loughborough Building Society re-vamps Borrowing into Retirement
Loughborough Building Society doesn’t have an upper age limit for borrowers, their focus is on continually improving their proposition to keep pace with changing needs and with this in mind they’ve:
- Increased their maximum term from 25 to 35 years
- Improved their acceptable purposes for capital raising;
- Increased the age limit for standard criteria from 70 years to 80.
Their individual approach to underwriting means they’re able to make common sense lending decisions to offer solutions e.g. there’s no minimum equity required for those who want to use downsizing as a repayment strategy, no requirement for income to be on a ‘sole survivor’ basis and there is the ability to calculate affordability on the remaining loan size at the point retirement income replaces earned income.
Ashley Pearson, BDM at The Loughborough said: “We’re proud to help people purchase and improve their own home, regardless of their age. As life expectancy increases, so does the need for home purchase, home improvements and capital raising. Our ability to look at each mortgage case individually means that we assess specific personal circumstances”.
The Loughborough lends to borrowers in England and Wales, both direct to consumers and through the intermediary channel.