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New retirement mortgage from Norwich & Peterborough

Norwich & Peterborough Building Society is now granting mortgages secured on self-contained housing units for the elderly.

Many lenders have not been happy to lend on sheltered accommodation but an increasing number of such properties are being built to reflect demand from an ageing population.

N&P introduced its Retired Mortgage five years ago, aimed at people with adequate retirement income from state and personal pensions and investments. The mortgage has no maximum age limit.

N&P marketing general manager Stephen Penlington says: “We are happy to move our policy to suit people&#39s changing needs.”

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