The Leeds Building Society has introduced a new tool on its intermediary website for brokers with customers interested in borrowing into retirement.
The lending into retirement tool can be found here: http://www.leedsbuildingsociety.co.uk/intermediaries/criteria-guide/lending-into-retirement/
“The age of first time buyers is increasing and more borrowers are taking out mortgages longer than the traditional 25 year term,” said Martese Carton, Leeds Building Society’s head of intermediary distribution.
“These are among the reasons more people are likely to have a mortgage beyond their retirement age. We’ve already reviewed and improved our lending criteria in recognition of this growing sector of the market.
“We’ve now added a tool on our website to give brokers more information about what proof of income they may need to provide in support of their client’s application to make this process easier.”