Advantage opens lending doors to over 65s

Advantage has removed the maximum age limit from its ADV sub-prime range to allow people to take out a mortgage despite being aged over 65 at completion.

This is the first-time a lender has officially opened the doors to lending to people aged over 65, and Advantage says it hopes over lenders will follow suite.

The Morgan Stanley lender has also made some other changes to the rates and criteria of its ADV range including increasing the debt to income ration from 40% to 45%, and 50% of self-cert, offering discount rates from 4.29% and removing early redemption charge overhang from two and three year products.

The range will also include let-to-buy, and ex-Local Authority leasehold flats and maisonettes for loans equal to or above £100,000 when LTV is 85% or less.

Keith Dearling, managing director of Advantage, says: “When we launched the ADV range we said that we would constantly monitor the products on offer and listen to our introducers’ needs as it is essential that we constantly review and make improvements.

“The current repricing is further evidence of this commitment to the intermediary market and it doesn’t stop here. In the coming months there will be further improvements to e:lect for both brokers and packagers. ”