The product offers loans from £100,000 up to £750,000 with a choice of interest-only, repayment or part-and-part loans
Buckinghamshire Building Society has partnered with Air Group to launch an exclusive later life mortgage product for borrowers over the age of 50.
The 4-year, fixed-rate product comes with a 75% maximum loan-to-value (LTV), is fixed at 2.89% until 30 November 2025, and has a £999 product fee.
The product has a ‘no maximum age’ policy and bespoke underwriting.
The product offers loans from £100,000 up to £750,000 with a choice of interest-only, repayment or part-and-part loans.
It also uses flexible ways to look at other forms of income that may be used in addition to standard pensions, combining this with affordability as an alternative to income multiples.
Tim Vigeon, head of lending at Buckinghamshire Building Society, said: We have listened to recent feedback from Air Group, highlighting that over 70% of advisers identified a need for longer-term fixed products so this seemed the perfect time to partner with a distribution business which offers well-respected specialist support in the later life sector.
Stuart Wilson, chief executive of Air Group, added: We are delighted to move to the next phase of adviser and member services as we bring an ever-increasing choice to members to support their clients.
Our ambition is to broaden our award-winning services into selecting the best products for older borrowers and this is a significant new product for members. We have run a successful pilot scheme called Air Prestige Packaging, which we are now moving into the operational phase with this product and we expect to announce further products soon, he said.
He said: The idea is that these additional options will support members to give their clients more choice than anywhere else.
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