Air Mortgage Club adds Chorley to lending panel

Air Mortgage Club has announced the addition of Chorley Building Society to its retirement lending panel.

Members of Air Mortgage Club, the distributor for equity release and later life advisers, will now have access to Chorley’s range of later life lending products – which include two and five-year discounts up to 80% and 90% LTV, as well as a specific five-year discounted remortgage product up to 80% LTV.

With no maximum age limit, the mortgage club added that all products are open to applicants who are either aged 70 on application or will be 70 or older at the end of their mortgage term.

Air Group CEO, Stuart Wilson, commented: “Our belief is that the later life space will continue to grow and demand for these products, and advice, will move in an upward trajectory.

“Our members want to be confident they are dealing with a club which covers all parts of the later life market, and we continue to work with our lender and provider partners to ensure their product offerings reach a wide distribution. We’re looking forward to working with the team at Chorley and believe 2020 is likely to be another strong year for later life advice.”

Chorley, an independent mutual building society, accepts business from both AR and DA intermediaries. Advisers, however, must be registered via a network or club such as Air Mortgage Club in order to submit a decision-in-principle or application. The society added that it offers a personalised service to all intermediaries, with all mortgages individually underwritten.

“We are delighted to be joining the Air Group lender panel as we feel the club’s philosophy mirrors our own when looking to support older borrower lending needs,” Chorley head of business development, Julie Goodwin, said.

“Anyone working in the retirement sector will know that the later life journey is drastically changing. With people living longer in retirement than previous generations, understanding how the modern retirement plans look has become a challenging task.

“With Chorley’s flexible approach to mortgage lending we support the growing demand of older borrowers with a variety of borrowing options and it is part of our ongoing plan to meet the needs of a changing and ageing population, whatever their individual choices.”

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