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Ipswich Building Society will no longer be operating ‘later life’ mortgages aimed solely at over 50s, instead combining its ranges into one set of standard residential mortgages.
The society, which is set to rebrand to Suffolk Building Society later in 2021, has no maximum age caps on its standard residential products taken on repayment terms.
Interest-only products will be capped at age 95 at the end of the term.
The changes are the latest improvement to the society’s ongoing commitment to later life lending, which will still have an older borrower focus but is shifting towards a customer-led approach over a product-led one.