The Mansfield Building Society has extended the maximum age on its otw-year discounted rate product to 60% LTV from 80 to 85.
Available for purchase or remortgage with a maximum repayment term of 30 years, the maximum age of 85 is available on a capital repayment basis only. However, interest-only is also available on the product up to a maximum age of 80 with an acceptable repayment strategy.
Mike Taylor, the Mansfield’s product and marketing manager, said: “Building societies have committed to review their maximum age policies. We are clear that we can extend the maximum age whilst being a responsible lender because each case is individually assessed by an underwriter based on the applicants’ personal circumstances.
“A commonsense approach that assesses each case on its own merits can ensure that older borrowers have access to mortgage options. This is another important step to ensure that the Mansfield offers people approaching or in retirement a range of residential mortgages to meet their changing needs.”