"As life expectancy increases, so does the need for home purchase, home improvements and capital raising."
Loughborough Building Society has revamped its borrowing into retirement proposition.
As part of the changes, the Society has increased its maximum term from 25 to 35 years, increased the age limit for standard criteria from 70 years to 80, and improved its acceptable purposes for capital raising.
Loughborough Building Society has no upper age limit for borrowers, no minimum equity required for those who want to use downsizing as a repayment strategy, and no requirement for income to be on a ‘sole survivor’ basis.
Additionally, there is the ability to calculate affordability on the remaining loan size at the point retirement income replaces earned income.
Ashley Pearson, BDM at The Loughborough, said: “We’re proud to help people purchase and improve their own home, regardless of their age. As life expectancy increases, so does the need for home purchase, home improvements and capital raising. Our ability to look at each mortgage case individually means that we assess specific personal circumstances”.