New maximum age for Leeds mortgage borrowers
Leeds Building Society is increasing its maximum age for residential mortgage applications from 75 to 80.
This improvement is the latest in a number of lending criteria changes, including removing maximum tenancy periods for Buy to Let mortgages, and accepting sale of property as a repayment strategy for part and part interest only mortgages.
“We keep our lending criteria under review as we seek to respond to borrowers’ needs and help more members to have the home they want,” said Richard Fearon, Leeds Building Society’s Chief Commercial Officer.
“Life expectancy is increasing and our change to the maximum age on mortgage applications acknowledges this fact.
“The age of retirement also is less rigid than it was and many people reaching this point in their life may continue to work full or part time and are stepping back from their careers in a more gradual way.”
The Society’s maximum age for Buy to Let mortgage applications remains at 80.