As part of the latest changes, the maximum age limit for obtaining a later life mortgage has also been increased to 90 at the end of the mortgage term, and earned income will be accepted until the age of 75.
The minimum equity requirements for borrowers considering downsizing will be evaluated on a case-by-case basis at the application stage, depending on the underwriter’s assessment.
“We’re committed to supporting borrowers in later life who are seeking mortgage solutions for a variety of reasons, including helping family members achieve their homeownership goals,” said Donna Barclay, head of credit at Marsden Building Society.
“As part of our commitment to later life lending, we’re regularly reviewing our criteria to meet the evolving needs of our members. By making these key changes, we hope to make lending in later life more accessible to more people.”
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