A recent IMLA’s study: ‘Last-Time Buyers: the challenges and opportunities for 55+ homeowners wanting to move’, found that nearly 200,000 owner occupier housing transactions in England are now made by the over-55s, or so-called last-time buyers (LTBs).
At Buckinghamshire Building Society we have long been a lender that supports older borrowers offering a range of retirement and RIO products.
Our lending criteria for older borrowers centres around no maximum age at entry or exit and 40 year terms which offers scope for many people in receipt of pension and other types of income to borrow more, for moving or home refurbishments.
Did you know?
- We can accept earned income up to age 75
- We can use income from a variety of assets including, UK investment portfolios, land and property income and Sipps
- We will consider cases of retirees purchasing BTL’s (with no maximum age at entry or exit)
- Our underwriters have the authority to make decisions – no credit/risk committee
- We lend up to 60% LTV on repayment and interest only.
If you have customers older borrowers, why not contact us today and discuss your case with one of our underwriters.
For more details and information visit www.bucksbs.co.uk/intermediaries or call our team directly Tel: 01494 879517 Email: intermediaries@bucksbs.co.uk To register for BrokerOnline click here to complete an on-line registration/application.
Source: Bob Pannell economic adviser to the Intermediary Mortgage Lenders Association (IMLA)
