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No max age for Hinckley & Rugby mortgages

Hinckley & Rugby Building Society has today [November 1] removed any maximum age limit for the term end of its entire range of mortgages, including residential and Buy to Let.

Previously the Society had 75 years old as the standard maximum age at term end. Responding to requests from mortgage brokers to offer later life lending, Hinckley & Rugby has decided to do away with a fixed age limit and consider each application individually.

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

Hinckley & Rugby head of sales and marketing Carolyn Thornley-Yates 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.

“Having six highly experienced senior members of our Mortgage Referrals Committee available daily to consider such cases means we can look at the invidual circumstances in the round and where we can lend, we will lend.

“Until now, we were constrained by our maximum age limit. Removing this completely better reflects how society is changing and gives brokers and their customers the message that you are never too old to explore your mortgage options with Hinckley & Rugby.”

Brokers with later life customers should contact Hinckley & Rugby’s Business Development team ahead of submitting an application by calling 01455 894084.

Hinckley & Rugby’s current mortgage range includes fee-free, fixed rate, offset, discount, tracker, Buy to Let and self-build products.

Interest rates start at 1.90 per cent for a two-year discount residential mortgage at up to 80 per cent LTV and 1.74 per cent for a two-year discount Buy to Let at up to 75 per cent LTV.

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