The Mansfield Building Society has announced a series of standard changes to expand support for borrowers seeking retirement or retirement loans.
The maximum age for a capital repayment loan has been extended by 10 years, allowing borrowers to repay their mortgages before the age of 95.
The largest LTV for loans later also increased from 70% to 75%, and now it can start at 75 years old, not 70 years old.
Up to 75% of LTVs are consistent with the highest interest loans in Mansfield, which is available only before the age of 85.
Commenting on product changes, Tom Denman-Molloy, an agency sales manager at Mansfield, said: “More and more borrowers are looking for future loan solutions and we always try to respond and adjust flexible loans to meet their needs.
Retirement is an event, a process that by expanding our age range, we can accommodate those who may choose longer, including those who play non-manual roles.
Importantly, our highest-age and LTV standard updates can be applied in our various collateral features, including capital raising, debt consolidation and our product range are more complex. ”
