Leeds BS extends maximum age across mortgage range

Older-Old-Couple-Pension-Pensioners-Elderly-700.jpgLeeds Building Society is extending the maximum borrowing age across its residential mortgage range. 

From June 25 the building society will accept applications from borrowers aged up to 85 at the end of their mortgage term. 

The minimum mortgage term is five years, so this effectively means Leeds BS will take on new borrowers up to the age of 80. 

For its buy-to-let deals Leeds BS has removed the maximum age altogether. 

The building society say this reflects changes in the mortgage market, which has seen increased demand form older borrowers, particularly those looking for lending options who had interest-only mortgages. 

Last year Leeds was the first national high street lender to launch a retirement interest-only product. 

Leeds BS director of products Matt Bartle says: “ We keep our lending criteria and product range under review. 

“We chose to enter the RIO market following extensive research into borrowers’ needs as they age, and we will continue to work closely with consumer and brokers to further enhance our later life lending proposition.” 

Bartle added that for older borrowers in particular it is essential they take appropriate advice on lending decisions, which take into account their financial position as a whole. 

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