Ipswich Building Society has announced it will no longer be operating ‘later life’ mortgages aimed solely at over 50s.
The society is to combine its ranges into one set of standard residential mortgages for all.
Ipswich, which is set to rebrand to Suffolk Building Society later in 2021, has no maximum age caps on its standard residential products taken on repayment terms. Interest only products will be capped at age 95 at the end of the term.
However, the society will be retaining an exclusive option for later life applicants with a minimum age of 55. This two-year discount rate product comes with no early repayment charges, providing older borrowers with flexibility should they have a sudden change in circumstances.
Ipswich head of intermediary relations, Charlotte Grimshaw, said that the society remains “absolutely committed” to later life lending as it understands the challenges that older borrowers are facing.
“In many circumstances, older borrowers present a low risk to lenders because their pensionable income is stable and guaranteed and therefore, it simply makes sense that they can select from the same products as other borrowers,” Grimshaw said.
“We know that being tied in to any financial product later in life may be a concern for intermediary clients, which is why we’ve decided to retain an option for now which is specifically aimed at this group.
“With no early repayment charges, borrowers will have peace of mind that should they need to downsize or should their health take a downturn, they are able to pay off their mortgage with no additional costs.”
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