View more on these topics

West Brom cuts maximum age at end of term to 70

The West Bromwich Building Society has made a number of criteria changes including cutting the maximum age for borrowers at the end of the mortgage term from 80 to 70 years old.

Previously, the building society would allow a borrower to take out a loan beyond their retirement to age 80, as long as they could afford the loan.

From the end of last week however, the term must end by the person’s 71st birthday.

Lenders which will still lend to age 80 or above include Leeds Building Society, National Counties Building Society and Darlington Building Society. Additionally, Newlife has a mortgage with no maximum age, aimed specifically at borrowers over 65.

The building society has also increased its income multiples. Previously, sole applicants could borrow up to 3.75 times their main income, whereas joint applicants could borrow up to 3.75 times their main income and one times their secondary income, or 2.75 times their joint income.

Now sole applicants can borrow up to 4.25 times their income if they earn under £40,000 or 4.75 times their income if they earn over £40,000.

Joint applicants can borrow up to 4.25 times their main income and one times their secondary income if it amounts to less than £40,000; 3.25 times their joint income if they earn under £40,000; or 3.75 times their joint income.

In other criteria changes, West Brom will no longer allow parents to act as a guarantor for their child and it has clarified its position on gifted deposits. Previously, deposits from an individual other than a parent were generally not accepted, but now they have been completely stopped.

For interest-only loans, the building society will no longer allow the sale of the mortgaged property, the sale of a second property or inheritance as a repayment vehicle.

Recommended

City of London Police makes pension liberation arrests

City of London Police says it has dismantled a suspected organised crime gang believed to be cold-calling and text messaging people across the UK with fraudulent pension liberation offers. Last week, detectives from the National Lead Force for fraud raided an office in the City of London housing up to 40 call-operatives, arresting three men […]

Financial transaction tax: A levy sans frontières

In a week that has seen a rebellion by back bench Conservative MPs over our relationship with Europe and two Government ministers say they would vote to leave the UK tomorrow, CMS Cameron McKenna’s Simon Morris looks the impact of the financial transaction tax.

Indian market rallies as Modi's popularity strengthens

Kunal Desai, manager of the Neptune India Fund, comments on the implications of the BJP’s historic election win in India’s most populous state, Uttar Pradesh. Read the full article here Important Information – for investment professionals only. Not for retail clients.  Investment risks  The Neptune India Fund may have a high volatility rating and past […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com