Chorley Building Society offers a flexible approach to Later Life Lending
After listening to feedback from brokers, we knew it was important to support borrowers by offering them a range of products that met their requirements for all stages of their life cycle with increasing demand to recognise their life needs.
Our product range has been developed for borrowers who either start the term of the mortgage before they turn 70 (known as Later Life 1 range) or those who apply after their 70th birthday (known as Later Life 2 range).
Other key points to note:
- There is no upper age limit
- We lend on an interest only basis subject to equity and LTV
- Downsizing can be used as a repayment strategy on interest only lending (max LTV 50%)
- Joint Borrower Sole Proprietor (JBSP) is available with a Later Life product and can be used for younger applicants supporting older applicants with no family ties needed
- Retention products available at the end of the original product term.
Cathy Bennett, 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.”
For more details please contact Cathy Bennet:
Email: Cbennett@chorleybs.co.uk
Mobile: 07803212179
