The Stafford Building Society has removed the loan-to-income (LTI) restrictions on products for all borrowers.
The society will now consider mortgage term lengths based on the customer’s age instead of a predetermined maximum number of years.
It will accept earned income to the age of 75, depending on the occupation of the borrower and anticipated retirement age.
The Stafford Building Society head of commercial development and distribution Carolyn Thornley-Yates says: “The whole of life financial benefits of becoming a homeowner versus private renting are well documented.”
“We’ve recently hosted events to educate first-time buyers and their families on lending innovations across the market which facilitate the cost of buying and the cost of owning. These sessions helped us to understand the challenges encountered by this generation.”
