The Mansfield extends residential product up to age 85
06 April 2016
Mansfield Building Society has extended the maximum age from 80 to 85 on its 2 year discounted rate product to 60% LTV.
Available for purchase or remortgage with a maximum repayment term of 30 years, the maximum age of 85 is available on a capital repayment basis only, however interest only is also available on the product up to a maximum age of 80 with an acceptable repayment strategy.
The criteria update is the latest development in the Society’s support for borrowers approaching or in retirement. Its mortgage range also includes:
- Applicants accepted up to a maximum age of 70 across its standard mortgage range
- 100% of the gross pension income used for affordability calculations (joint borrowers must be individually able to support the mortgage)
- Interest only with downsizing product to age 80 (maximum 40% LTV), subject to a minimum equity of £150,000, exclusively available to mortgage intermediaries
Product and Marketing Manager, Mike Taylor, said that the Society is pleased to be responding to the need for more choice for borrowers needing mortgage finance later in life.
“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. This is another important step to ensure that The Mansfield offers people approaching or in retirement a range of residential mortgages to meet their changing needs.”
