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Mansfield increases maximum age limit to 85

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Mansfield Building Society has extended the maximum age from 80 to 85 on its two-year discounted rate product to 60 per cent LTV.

A Mansfield release says the age cap of 85 is for capital repayment only and for purchases or remortgages with a maximum repayment term of 30 years.

Interest-only is also available on the product up to 80 in some circumstances.

Mansfield product and marketing manager Mike Taylor says: “Building societies have committed to review their maximum age policies. We are clear that we can extend the maximum age whilst being a responsible lender because each case is individually assessed by an underwriter based on the applicants’ personal circumstances.

“A commonsense approach that assesses each case on its own merits can ensure that older borrowers have access to mortgage options.”

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