Society Commits to Lending into Retirement

1 September 2014

While an increasing number of lenders impose age limits on new mortgage loans, Monmouthshire Building Society remains committed to supporting older home owners who, in many circumstances, want to take their mortgage into retirement.

Restrictions upon older borrowers not only blocks those in their late seventies, but also negatively impacts those in their fifties whose interest only mortgage may be ending and so intend to remortgage.

In contrast, Monmouthshire Building Society continues to offer a friendlier, tailored approach to mortgage lending with no maximum age limit imposed. Borrowers are assessed on a case by case basis, and lending is subject to the same prudent lending criteria which prioritises affordability and not age.

Where applicants are still working and plan to retire during the mortgage term, their case is assessed in two stages. The Society assesses each case using our usual affordability criteria, based on current earned income. We then assess affordability based on projected income at retirement, using the capital balance and remaining term at that point. Documentary evidence of retirement income is required in every case.

If you are an older homeowner and would like to speak to a mortgage adviser about whether we can help you in such circumstances, please call us on 01633 844 351.

More information about the Society’s full competitive product range can be found here.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

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