It becomes one of just four lenders currently on the lending panel
Loughborough Building Society has announced its addition to the later life lending panel of Advise Wise, following the recent integration of retirement interest-only plans into the Advise Wise Platform.
The mutual now becomes one of four lenders currently on the financial adviser’s later life lending panel.
Loughborough Building Society offers later life mortgages with maximum loan-to-value of 60%. There is no minimum equity requirement and no maximum age limit on its mortgage products and it allows terms of up to 35 years. Mortgages can be interest only, repayment or part and part, with applicants able to use the sale of their property as a repayment strategy.
Advise Wise provides advisers with a platform to source equity release plans alongside an integrated Mortgage Club.
“Advise Wise is a lending in retirement specialist and being one of a limited number of lenders on its panel is testament to how we approach and support this increasingly vital sector of the mortgage market,” Ashley Pearson (pictured), national business development manager at the Loughborough Building Society, said.
“There are a host of reasons why someone in or approaching retirement would choose to take out a mortgage, and it’s important that advisers have access to a range of options from lenders who have the ability to assess each application on its individual merits.
“For many people, retirement is a process and does not always mean stopping work completely. This means that borrowing past what is traditionally deemed ‘retirement age’ is not only becoming more acceptable, but also more commonplace.”
Craig Faulkiner, head of distribution at Advise Wise, said they were thrilled to partner with the Loughborough Building Society, as the collaboration would allow them to provide members with even more options for later life lending.
“This partnership exemplifies our commitment to providing comprehensive and tailored solutions for our members,” Faulkiner added. “We look forward to working with the Loughborough Building Society to help even more people access the financial freedom they need in retirement.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter.
