If you have clients aged 50+ seeking to purchase or remortgage, they may be considering a RIO mortgage or even equity release. There are other options, and it’s as simple as a standard residential mortgage tailored to meet the needs of older borrowers.

Here’s what you need to know:

  • Loans from 5 to 40 years
  • No maximum age on any of our products (includes BTL)
  • Maximum 75% LTV up to £500k
  • Interest only available (max 50% LTV with £150k equity in the property)
  • Capital raising considered, including for home improvements, purchasing other properties and for gifting a deposit to a family member

Applicants will need to have a minimum income of £20k, and for working applicants we accept self employed manual or employed income to age 70 (or declared pension age if lower) or self employed non-manual income to age 75. We’ll also take 100% of pension income and 75% of investment income when assessing affordability.

Want more?

All of our deals feature fee free overpayments up to 50% of the original loan amount, except for our current Later Life 2 Year Discount deal which offers unlimited overpayments and no ERC.

Here’s what is currently on offer exclusively for later life clients:

  • 2 Year Discount at pay rate of 2.50% *no ERC*
  • 2 Year Fixed at 2.75%
  • 5 Year Fixed at 3.50%

What’s more, all of this is underpinned by our expert underwriting – using real people to make lending decisions, instead of computers. This means personal circumstances can be considered to make a truly individual assessment of your client.

For full details visit our website  or give us a call on 0330 123 1073.

Andrew Sadler, Business Development Manager, explains a recent case:

“Recently I helped an intermediary place a case for retired applicants aged 88 and 89 looking for a 25 year term on interest only with sale of property. We assessed the case, which was at 30% LTV, and after calculating affordability using retirement ONS figures were able to proceed with an offer.”

About Ipswich Building Society

With the Ipswich, three things are always on the table: an open mind to unusual applications, a willingness to understand your clients’ circumstances and all throughout England and Wales.

Got a case you need to discuss with the experts? Give us the Ipswich a call on 0330 123 1073.