Chorley Building Society has refreshed its ‘Later Life Lending’ products after reviewing the range in line with broker feedback.
Previously, all borrowers fell into the same category if their mortgage loan took them over the age of 70, regardless of their age at application of the loan.
After listening to feedback from brokers and members, Chorley Building Society have now developed mortgages for borrowers who either start the term of the mortgage before they turn 70 or apply after their 70th birthday.
The range now includes a new 60% LTV rate as well as retaining the 80% LTV mortgage. These are both available with a 2 year or 5 year discount from the Society’s Standard Variable Rate.
Kim Roby, Customer Services Director, commented: “We listened to feedback and decided it was important to support our members by offering them a range of products that met their LTV requirements as well as recognising their life stage.
“We’ve heard many times from those over 70 that think they’re too old for a mortgage and that equity release is their only option. That simply isn’t true. At Chorley, we have no maximum age limit on our mortgages and review every application on a case by case basis.”
Julie Goodwin, Chorley Building Society’s Business Development Manager, notes: “With mortgage terms moving away from the traditional 25 years, we listened to what our broker network were saying. Many purchases are now also much later in life and we want to make sure our mortgages reflect the ever changing needs of borrowers, whilst remaining a responsible lender.”
Notes to Editors
Chorley Building Society was founded in 1859 to help local mill workers buy their homes and 161 years later, the Society still remains true to its traditional, mutual values of providing an individual service to all its members.
The Society has three retail branches in the North West of England with its head office in Chorley, Lancashire.
Key Features
Later Life- 2 year discount– (loan term takes applicant to over 70 at end of mortgage term)
2.75% discount from Standard Variable rate for two years on 60%LTV
2.59% discount from Standard Variable rate for two years on 80%LTV
Max loan size £1,000,000 (subject to LTV)
No maximum age
Scheme fee – 0.75%
No application fee
Later Life- 5 year discount– (loan term takes applicant to over 70 at end of mortgage term)
2.75% discount from Standard Variable rate for two years on 80%LTV
Max loan size £1,000,000 (subject to LTV)
No maximum age
Scheme fee – 0.75%
No application fee
Later Life- 2 year discount– (applicant aged over 70 at application)
2.65% discount from Standard Variable rate for two years on 60%LTV
1.99% discount from Standard Variable rate for two years on 80%LTV
Max loan size £1,000,000 (subject to LTV)
No maximum age
Scheme fee – 0.75%
No application fee
Later Life- 5 year discount– (applicant aged over 70 at application)
1.65% discount from Standard Variable rate for two years on 80%LTV
Max loan size £1,000,000 (subject to LTV)
No maximum age
Scheme fee – 0.75%
No application fee
For further information and all enquiries please contact:
Julie Goodwin
07525 870432
