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Hinckley & Rugby scraps max age limit across mortgage range

Hinckley & Rugby Building Society has removed any maximum age limit for the term end of its entire range of mortgages, including residential and buy-to-let.

The previous standard maximum age at term end was 75-years-old. However, the lender has decided to scrap the fixed age limit after receiving requests from mortgage brokers to offer later life lending.

The Society already considers complex and niche applications and enquiries from brokers at the daily meetings of its Mortgage Referrals Committee (MRC). Later life lending cases will go before the MRC for consideration by six senior staff, including the chief executive and operations director.


Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, said: “From talking to brokers every day we have become increasingly aware of the opportunity for a common sense, manual lender to look in depth at cases where the borrower would be 75-plus at term end.”

She said that fortunately, there is a combination of house value, income, loan-to-value (LTV) and other circumstances where lending into a borrower 80s and 90s is now affordable.

“Having six highly experienced senior members of our Mortgage Referrals Committee available daily to consider such cases means we can look at the individual circumstances in the round and where we can lend, we will lend.”

She added: “Until now, we were constrained by our maximum age limit. Removing this completely better reflects how society is changing and gives brokers and their customers the message that you are never too old to explore your mortgage options with Hinckley & Rugby.”

The Society’s current mortgage range includes; fee-free, fixed rate, offset, discount, tracker, buy-to-let and self-build products.

Interest rates start at 1.90% for a two-year discount residential mortgage at up to 80% LTV and 1.74% for a two-year discount buy-to-let at up to 75% LTV.


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