Chorley Building Society understands that lifestyles have changed long with the financial needs of borrowers. The Society recognises that the older borrower market continues to grow year on year, and in order to meet the demand of this ever increasing market the Society recently launched a range of Later Life Lending mortgages.
The Later Life lending product range supports older borrowers who wish to apply for a mortgage past the age of 70 or who are in need of a mortgage term that will take them beyond the age of 70 at the end of the loan.
With Chorley’s flexible approach to mortgage lending, each case being manually underwritten ,the Society aims to meet the needs of our older borrowers by offering an individual underwrite of their mortgage requirements , regularly accepting the sale of the mortgages property as a repayment vehicle, subject to meeting lending criteria.
The product range is available for residential properties and is not available to customers who meet the Credit Renew criteria.
Contact your BDM team or see the Chorley Building Society website for more details:
Julie Goodwin Head of Business Development; jgoodwin@chorleybs.co.uk
Lottie Clayton Business Development Manger cclayton@chorleybs.co.uk
Gemma Kinsman Telephone based Business Development Manager gkinsman@chorleybs.co.uk
http://www.chorleybs.co.uk/intermediary.html
The Chorley approach to older borrower mortgages:
- All cases individually underwritten
- Common Sense Approach
- No credit score only a Credit Search
- No maximum age limit
- Assumed age 70 for retirement, unless a borrower tells us otherwise and it is feasible for them to continue working to their expected retirement date
- Realistic approach to Lending into/whilst retired
- Up to 4 applicants allowed & up to 4 incomes counted
- Interest only option
Flexible approach to contract workers and self employed
