Loughborough Building Society increases income assessment for retirement lending from 3.5x to 4.5x.
Loughborough Building Society has updated its lending criteria for retirement, increasing the income assessment from 3.5 to 4.5 times until the applicant's retirement age. This change allows for a more accommodating approach, as no additional assessment is needed after age 80 if the mortgage is affordable. For those aged 80 and older, a maximum of 3.5 times income will still apply. These adjustments aim to enhance lending options for borrowers in later life.
September 10, 2024
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