Loughborough Building Society has announced a criteria change to itslending in retirement proposition which will allow borrowers to raise capital in order to bolster their savings pot.
Cases will continue to be assessed on an individual basis with applicants potentially able to raise funds for a combination of purposes including home improvements, debt consolidation, gift to family, new car, care home fee’s, holidays, deposit on a second home/buy-to-let property and/or to replenish their savings.
This improvement is designed to further strengthen The Loughborough’sunique approach to later life lending and its comprehensive product offerings. It follows a significant enhancement to its lending in retirement proposition in September 2024 when the Society moved to assess income at 4.5x up to theapplicant’s retirement age, marking a notable increase from its previous 3.5xincome assessment.
For applicants already aged 80 or over, The Loughborough will continue to consider applications with a maximum income multiple of 3.5x for both single and joint applicants.
Ashley Pearson, Head of Intermediaries at Loughborough Building Society, commented:
"As a Society, we continually strive to adapt and evolve our product offerings tobetter meet the needs of borrowers throughout their lending journey. This latest enhancement to our lending in retirement criteria demonstrates our ongoingcommitment to providing flexible and responsible solutions, empoweringborrowers to make the most of their later years and achieve their financialgoals with the support they deserve."
