Mansfield enhances later life lending criteria

Mansfield Building Society has introduced a series of criteria changes designed to extend support for borrowers seeking lending in or into retirement.

The maximum age for capital repayment lending has been extended by 10 years, allowing borrowers to repay their mortgage before age 95. The maximum LTV for later life lending has also been increased from 70% to 75% and can now start from age 75 for non-manual workers rather than age 70 for those in manual roles.

The maximum 75% LTV aligns with Mansfield’s maximum for interest-only lending, which remains available up to age 85, and includes the Society’s interest-only with downsizing offer. 

Mansfield’s downsizing proposition allows older borrowers to raise funds or consolidate debt on an interest only basis and repay the capital by moving to a smaller property, provided there’s a minimum of £200,000 equity.

Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said: “More and more borrowers are seeking lending solutions in later life and we always try to respond and adjust our flexible lending to meet their needs.

"Retirement is as much a process as it is an event, and by extending our age ranges, we can accommodate those who may choose to work longer, including those in non-manual roles.

"Importantly, our maximum age and LTV criteria updates can be applied across our various mortgage features, including capital raising, debt consolidation and our product ranges for more complex circumstances.”