By inputting the age of the client, when their expected retirement age is and how long they want a mortgage the tool will determine what income the lender will use to assess the borrower’s affordability.
Leeds Building Society’s intermediary website has added a tool for brokers with customers looking to borrow into retirement.
By inputting the age of the client, when their expected retirement age is and how long the mortgage term is the tool will determine what income the lender will use to assess the borrower’s affordability.
Martese Carton, Leeds Building Society’s head of intermediary distribution, said: “The age of first time buyers is increasing and more borrowers are taking out mortgages longer than the traditional 25 year term.
“These are among the reasons more people are likely to have a mortgage beyond their retirement age. We’ve already reviewed and improved our lending criteria in recognition of this growing sector of the market.
“We’ve now added a tool on our website to give brokers more information about what proof of income they may need to provide in support of their client’s application to make this process easier.”
