Back to June 2019

Leeds extends maximum ages for mortgage borrowers

Older borrowers are being offered more choice and flexibility after Leeds Building Society extended maximum ages across its mortgage range.

From 25 June, the Society will accept applications from consumers who would be aged up to 85 at the end of their residential mortgage term.

As five years is the minimum mortgage term the Society offers, this means the maximum age at application for a residential home loan would be 80.

For Buy to Let borrowers, the Society has removed the maximum age altogether.

“We keep all our lending criteria and our product range under constant review and are always seeking out new ways to deliver on our mission to help more people have the home they want,” said Matt Bartle, Leeds Building Society’s Director of Products.

“This criteria change is the latest improvement we’ve made, supported by our understanding of customer need in this evolving market.

“That's informed our innovation in later life lending – for example, it’s almost a year since we became the first national high street lender to launch Retirement Interest Only mortgages.

“We chose to enter that new market following extensive research into borrowers’ needs as they age and how to support them in later life and we continue to work closely with consumers and our broker partners to further enhance our later life lending proposition.

“Mortgage choice is always a highly personal decision and, for older borrowers in particular it’s essential that they take appropriate advice bearing in mind their financial position as a whole.”


Notes to Editors

The Society’s previous maximum age at end of mortgage term was 80 for residential borrowers and 85 for Buy to Let borrowers. Buy to Let borrowers include portfolio landlords, and Holiday Let or HMO owners.

The Financial Conduct Authority (FCA) introduced the first definition of what constitutes a Retirement Interest Only mortgage in 2018, clarifying their difference from lifetime mortgages, and introduced specific regulations for the Retirement Interest Only market.

Unlike a lifetime mortgage, the interest on a Retirement Interest Only mortgage cannot be rolled up so the borrower has to demonstrate interest only repayments are affordable throughout the length of the loan.

A Retirement Interest Only mortgage is repaid on a specified life event, which can include the sale of the property, moving into residential care, or the death of the borrower.

The maximum age for Retirement Interest Only borrowers at the time of application remains at 80, and the Society’s minimum age for this type of borrower is 55.


To discuss a new case with one of our mortgage development team, mortgage introducers should go to to find details of their nearest Business Developer contact.

Leeds Building Society won the title of Best Shared Ownership Mortgage Lender in the 2018 What Mortgage Awards, its third consecutive year of success in this category.

Leeds Building Society operates throughout the UK and in Gibraltar and has assets of £19.4bn at 31 December 2018 (£18.5bn at 31 December 2017). The Society’s head office has been based in the centre of Leeds since 1886.