Leeds BS launches tool to help older borrowers

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Leeds Building Society has made an online tool to help brokers with customers wanting to borrow into retirement.

The tool lets brokers easily find out what proof of income will be needed to support their clients’ applications.

Leeds Building Society head of intermediary distribution Martese Carton says: “The age of first time buyers is increasing and more borrowers are taking out mortgages longer than the traditional 25 year term.

“These are among the reasons more people are likely to have a mortgage beyond their retirement age.

“We’ve now added a tool on our website to give brokers more information about what proof of income they may need to provide in support of their client’s application to make this process easier.”

The lending into retirement tool can be found here: http://www.leedsbuildingsociety.co.uk/intermediaries/criteria-guide/lending-into-retirement/