Loughborough Building Society has been added to the later life lending panel of Advise Wise to incorporate its borrowing into retirement product range.
This announcement follows the recent integration of retirement interest-only plans into the Advise Wise Platform, with Loughborough Building Society now one of four lenders currently on the later life lending panel.
Loughborough Building Society incorporates a solutions-based approach to lending with no credit scoring and all applications are individually underwritten. The Society has no maximum age limit on its mortgage products and allows terms of up to 35 years.
Mortgages can be interest only, repayment or part and part, with applicants able to use the sale of their property as a repayment strategy. For later life mortgages, the maximum loan-to-value is 60%. There is also no minimum equity requirement.
Ashley Pearson, national BDM at the Loughborough, said: “Advise Wise is a lending in retirement specialist and being one of a limited number of lenders on its panel is testament to how we approach and support this increasingly vital sector of the mortgage market.
“There are a host of reasons why someone in or approaching retirement would choose to take out a mortgage and it’s important that advisers have access to a range of options from lenders who have the ability to assess each application on its individual merits.
“For many people, retirement is a process and does not always mean stopping work completely. This means that borrowing past what is traditionally deemed ‘retirement age’ is not only becoming more acceptable, but also more commonplace”.
Craig Faulkiner (pictured), head of distribution at Advise Wise, added: “Advise Wise is thrilled to partner with the Loughborough Building Society. This collaboration allows us to provide our members with even more options for later life lending, as well as access to the Building Society’s outstanding reputation for customer service and ethical lending practices.
“This partnership exemplifies our commitment to providing comprehensive and tailored solutions for our members, and we look forward to working with the Loughborough Building Society to help even more people access the financial freedom they need in retirement.”
