Hinckley & Rugby removes max age limit

Ryan Bembridge

November 1, 2018

Hinckley & Rugby Building Society has removed the maximum age limit on residential and buy-to-let mortgages.

Previously the society’s standard maximum age limit at the term end was 75.

Carolyn Thornley-Yates, head of sales and marketing, said: “From talking to brokers every day we have become increasingly aware of the opportunity for a common sense, manual lender to look in depth at cases where the borrower would be 75-plus at term-end.

“People are living longer, working later and, in increasing numbers, wanting to finance a mortgage into part-time employment and their retirement.

“There is a combination of house value, income, loan-to-value and other circumstances where lending into a borrower’s 80s and 90s is affordable.”

The society already considers complex and niche applications and enquiries from brokers at the daily meetings of its Mortgage Referrals Committee. Later life lending cases will go before the committee for consideration by six senior staff, including the chief executive and operations director.

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