With an ageing population and the age of retirement increasing as time goes by, it’s important for banks and building societies to change with the time – which is why Teachers Building Society has reassessed and increased its maximum age for standard mortgages.
In October, Teachers Building Society increased its maximum lending age at end of mortgage term to 83 on all its standard* mortgages - to help teachers and local residents with their mortgage needs if they are approaching or already in retirement.
Currently, nearly 12 million of the UK population is over the age of 65 and this is on the up – with more and more people looking to work beyond the age of 65 and still needing a mortgage for their property, or wishing to take out a mortgage to help a loved one step onto the property ladder.
With an increasing number of borrowers looking to secure a mortgage later in life, this increase in maximum age provides local residents of Dorset, Hampshire and Wiltshire, as well as teachers across the UK, access to a wider range of mortgages right up to the age of 83 - which goes some way to helping those looking to buy or move home when they are older.
Andy Yates, Business Development Manager at Teachers Building Society said, “We are committed to helping teachers and local residents move onto and along the property ladder. By increasing this maximum age across all our standard mortgages we can now support people more fully with a wider range of products for everyone.”
To find out more about the range of mortgages available at Teachers Building Society, call 0800 378 669 or visit our website.
* Shared Ownership or specialist products such as the Supply Teacher Mortgage. Subject to affordability and lending criteria.
The new maximum age limit of 83 is subject to a minimum mortgage term of 5 years, and replaces the original maximum age of 70 on standard mortgages for local residents and the Teacher Later Years Mortgage for teachers.
Teachers Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration Number 156580
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE