Monmouthshire Continues To Support Older Home Owners

5 November 2013

Greg Harry, mortgage adviser for Monmouthshire Building Society, outside the Swansea branch

While an increasing number of lenders impose age limits on new mortgage loans, the Society continues to support older home owners.

Despite the fact that lending has significantly increased in recent months for younger borrowers looking to take their first steps onto the property ladder, a worrying new trend has emerged whereby lending is being restricted for older borrowers who wish to remortgage when their current mortgage deal comes to an end.

The age caps are significant since they not only block borrowers in their late seventies, but also negatively impact those in their fifties who may have reached the end of an interest only mortgage and intend to remortgage. Such age caps are in complete contrast with modern changes to the workplace, where the idea of working in your mid to late seventies is no longer a rarity.

Previously, borrowers have been able to rely upon rising housing markets and the option to downsize in order to cover any shortfall in their mortgage but, for many, selling their home is not an option and with more and more lenders following the trend of imposing age limits, older home owners face an uncertain financial future.

Thankfully, a few banks and building societies such as Monmouthshire Building Society are continuing to offer a friendlier, tailored approach to their mortgage services which carry no such maximum age limit. Borrowers are assessed on a case by case basis, and mortgage lending is subject to the same prudent lending criteria which prioritises affordability and not age.

The Society offers a range of competitive house purchase and remortgage products which, coupled with a personal, flexible approach, ensures customers are able to find the mortgage that’s right for them. The Society’s mortgage range offers exceptionally competitive interest rates, and in some cases, there are no product fees payable. To find out more information about the full product range click here.

Commenting on the Society’s commitment to older home owners, Chief Executive, Andrew Lewis said, “The Society is proud of the support it continues to offer all of our customers. The strength of our product range, allied to our award-wining recognition, cements the Society’s position as a competitive, vibrant and approachable provider of mortgage loans”.

He continued, “The level and success of our support is particularly gratifying considering the financial difficulties and challenges that have emerged following the economic downturn. Our pledge to support older borrowers is part of our customer-focused approach to mortgage lending. We strongly believe that our customers are individuals and deserve a personal service that meets their needs.”

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