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Hinckley & Rugby scraps maximum age limit

Hinckley & Rugby Building Society has removed all upper age restrictions across its entire mortgage range, including buy-to-let products.

Hinkley & Rugby’s maximum lending age was 75 at term end, but the lender has decided that cases from older borrowers, including those with experience of investing in the BTL sector, offer no more risk than younger ones.

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.


“People are living longer, working later and, in increasing numbers, wanting to finance a mortgage into part-time employment and their retirement.

“There is a combination of house value, income, loan to value and other circumstances where lending into a borrower’s 80s and 90s is affordable.”

Thornley-Yates says that having  six highly experienced senior members of its mortgage referrals committee available daily to consider such cases means Hinckley & Rugby can look at the individual circumstances in the round and where it can lend, it 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.”

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