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.
Notes to Editors
Leeds Building Society won the awards for Best Building Society Savings Provider and Innovation in Personal Finance (Part and part mortgages) at the 2016 Moneyfacts Awards.
The Society received the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2016, the third consecutive year it has won this category, as well as the award for ‘Product Innovation (Lenders)’.
The Society also has been named ‘Best Regular Savings Account Provider’ for the second consecutive year by independent consumer advice website Savings Champion.
Leeds Building Society has 65 branches throughout the UK, Gibraltar and Ireland and assets of £14.9bn (at 30th June 2016). The Society has operated from the centre of Leeds since 1886.