Pepper increases maximum age on second charge mortgages

Pepper Money has increased the maximum age it will accept earned income to and the maximum age at end of term across its second charge mortgage range.

Borrowers can schedule their repayments over terms which exceed the state retirement age where they can evidence their income is sustainable. 

The lender now accepts earned income to 75 years of age and a maximum age at end of term of 80 across all its second charge products.

Ryan McGrath, second charge sales director at Pepper Money, said: “We’re always looking for ways to make our market leading range of second charge mortgages available to a wider range of customers. 

“We recognise that a growing number of customers are likely to be working to an older age. By increasing the age we’ll accept earned income we’re enabling customers to schedule their loan repayments over a term that suits their circumstances. Furthermore, increasing our maximum age at the end of term will enable more customers with retirement income to satisfy their borrowing needs.”