Together increases maximum lending age to 85

Together has extended the maximum age it will lend to across its mortgage range to 85.

The shortest term the lender offers is a three-year term, which means a borrower can be 82 when they take out a new home loan, according to Together.

According to research provided by Twenty7Tec, the number of searches by brokers whose clients were aged between 55 and 85 had soared by 22.7 per cent in the past 12 months alone.

Together personal finance chief executive Pete Ball says: “We are increasing the maximum age at the end of the loan in response to what we see as a growing demand and more lenders need to follow suit.

“Together can take a common-sense view of each application, looking at other sources of income – such as pensions and investments – as well as salaries of people working past pension age.”

Coreco director Andrew Montlake adds: “For those that have a provable income in later life or pension income that demonstrates affordability, there is no reason why they should not be able to extend their borrowing capacity later in life.

“Some do this because they want to use equity to invest, purchase rental investments or various other uses.

“Whatever the reason, it is important for lenders to cater to the changing needs of borrowers, and lending past traditional age limits will become more and more common.”

Recommended

Business-Handshake-Finance-Deal-700.jpg

Primis adds Together to lender panel

Primis has added Together to its lender panel to support advisers with specialist customers, according to the firm. Members of Primis will now have access to Together’s buy-to-let, residential and second charge lending products. The firm adds that each case is individually assessed by an underwriter, and lending is available to borrowers with adverse credit, […]

Together appoints new key account manager

Together has hired Paula Purdy (pictured) as its new key account manager. Purdy has over 30 years’ experience in the mortgage industry, having most recently worked at Octopus Property and Shawbrook Bank, where she served for over 14 years. In her new role she will be developing the lender’s relationships with its brokers and the distribution […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

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