View more on these topics

Building societies commit to reviewing upper age limits


Building societies are to review upper age limits for mortgages as part of a package of reforms to tackle the increasing needs for lending into retirement.

The review is one of a raft of measures proposed by the Building Societies Association. The trade body also plans to publish a consumer guide for older borrowers, designed to bring together the pension freedoms, inheritance, equity release, powers of attorney and existing age policies.

In addition, the BSA is seeking to form a cross-industry alliance, bringing together Government and regulatory representatives to discuss how older people are affected by changes in policy and regulation.

The BSA says by 2034 roughly a quarter of the population will be over 65, while house prices, divorce rates and the abolition of a default retirement age all mean that consumers are buying houses later and repaying for longer.

BSA head of mortgage policy Paul Broadhead says: “It is natural for the building society sector to kick-start and lead this work. We already tend to have a more flexible approach to lending with higher and sometimes no age limits and a willingness to assess applications considering an individual’s circumstances.

“The time is right to review lending policies, examine how advice is provided and to work closely with a range of organisations across different sectors to ensure that lenders are equipped with the appropriate tools to respond to the rapidly changing demographics across the UK.”



Leeds increases max LTV on new-builds

Leeds Building Society has increased its maximum LTV on new-build properties. From today, the society will lend up to 90 per cent on houses and 85 per cent on flats, up from 85 per cent and 80 per cent respectively. Leeds director of business development Martin Richardson says: “We keep our lending criteria under active […]

FCA logo new 3 620x430

FCA: The dos and don’ts of internal investigations

Allowing firms to investigate potential misconduct does not mean businesses are “marking their own homework”, says the FCA. Speaking at a Pinsent Masons conference in London yesterday, FCA director of investigations Jamie Symington discussed the circumstances in which it is acceptable for firms to carry out their own investigations. He said it has long been […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now