Mansfield Building Society has announced that it has extended the maximum age by five years on its 2 year 60% LTV discounted rate product.
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.
Applicants are accepted up to a maximum age of 70 across its standard mortgage range 100% of the gross pension income is used for affordability calculations (joint borrowers must be individually able to support the mortgage).
Its range also offers interest only with a 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: “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 common sense 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.”