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Mortgage launched for over 65s

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Legal & General and Buckinghamshire Building Society have launched a retirement mortgage for asset-rich over 65s, the only one of its kind in the market.

Created by the financial services company Legal & General and the Buckinghamshire Building Society, it will be interest-only or capital repayments for up to 50% of the property value where a credible repayment strategy is in place.

The maximum loan size is £350k while the remaining equity after the proposed loan must be at least £150k.

Sally O’Neill, a mortgage lending analyst at the company, said that it was a niche product likely to appeal to those wishing to raise funds.

“It is not really equity release – it is more remortgaging, perhaps for something like home improvements.”

Commenting on the joint-initiative, Ivan Gould, chief executive of the Buckinghamshire Building Society said that the society was “delighted” to be working with Legal and General.

“The products we are offering will enable the Bucks to expand by fulfilling a valuable role in the housing market whilst maintaining our focus on security and safety for our members.”

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