Lending into Retirement
At Mansfield Building Society we offer residential mortgage lending into retirement.
In assessing affordability, we will use 100% of the gross pension income for our calculations. Joint borrowers will be assessed based on you being individually able to support the mortgage.
We apply our age-related retirement criteria against our range of residential mortgages, although some of our features are dependent upon age and product availability. These are identified in the table below:
|Mortgage Repaid Before Age 70||Mortgage Repaid Between Age 70 and Before Age 80||Mortgage Repaid Between Age 80 and Before Age 85|
|Maximum mortgage term (years)||35||35||35|
|Minimum mortgage term (years)||5||5||5|
|Acceptable repayment methods||Capital repayment and interest only. Interest only element must not exceed 75% LTV. Part capital repayment/part interest only available.||Capital repayment and interest only. Part capital repayment/part interest only available.||Capital repayment|
|Property downsizing considered for interest only, subject to minimum £150,000 equity||Yes||Yes (on specified products only subject to maximum 40% LTV)||No|
You can compare our mortgages online or speak to a qualified mortgage adviser who will be able to talk through your circumstances in more detail.
For those looking to borrow into retirement there is a lot to consider. The Building Societies Association have produced a helpful guide for older borrowers giving more information on the types of options available.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE