Maximum age limits scrapped by Hinkley and Rugby Building Society
Hinckley and Rugby Building Society has removed the maximum age limit for the term end of its entire range of mortgages, including residential and buy-to-let (BTL).
This is in response to requests from mortgage advisers to offer later life lending.
Previously, the Society had 75 years old as the standard maximum age at term end.
Hinckley and Rugby head of sales and marketing, Carolyn Thornley-Yates, pointed out that there is a combination of house value, income, loan to value (LTV) and other circumstances where lending into a borrower’s 80s and 90s is affordable.
He added: “People are living longer, working later and, in increasing numbers, wanting to finance a mortgage into part-time employment and their retirement.
“Having six highly experienced senior members of our Mortgage Referrals Committee available daily to consider such cases means we can look at the individual circumstances in the round and where we can lend, we will lend.
“Until now, we were constrained by our maximum age limit. Removing this completely better reflects how society is changing.”