Leek United Building Society offer the following later life proposition:

  • No upper age limit (each case assessed on its own merits);
  • Interest only available- with flexible repayment options (can do part and part, overpay, and sale of property acceptable assuming there is sufficient equity);
  • No minimum equity. There has to be sufficient to buy a property outright at the end of the term. (if part and part e.g £100k equity, 50k repayment the equity needed to downsize at the end of term is £150k);
  • Can use a combination of repayment vehicles;
  • High LTV’s limits. If the applicant is under 67 at the point of application but over on completion of the term max LTV 80%. If applicant is 67 or over on application max LTV is 70%. Reality is most cases are well below this;
  • Will consider employed income beyond a ‘normal’ retirement- subjective underwriting based on the reasonability of the intended retirement age;
  • Affordability considered over the term. Advisors adopting an holistic approach will need to consider this. If reliant on Joint incomes we will need to satisfy the mortgage is affordable on first death. (life cover, access to pensions, background properties, death in service package if the intended retirement age is reasonable- all considered on a case by case);
  • Monthly Affordability calculated on chosen repayment method.

Their generic offering includes:

  • Individual assessment;
  • We do not credit score;
  • First time Buyer 95% Lending including newbuilds and some new build flats and flat conversions* (refer to BDM);
  • First time buyer definition- at least 1 of the applicants needs to be a first time buyer;
  • Second homes (75% LTV);
  • Regulated BTL;
  • Non-homeowner BTL/ First Time Buyer First Time Landlord;
  • Help to buy;
  • Right to Buy;
  • Lower rental calculations for BTL remortgages including non-homeowners.
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