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Ipswich Building Society: Later life borrowing alternative to equity release


Standard later life borrowing is an alternative to equity release, according to Ipswich Building Society.
Supporting children, grandchildren or other family members onto the property ladder is becoming increasingly popular and in many cases necessary due to house price inflation.
Ipswich Building Society cautions borrowers to look beyond equity release and believe there are other ways to fund a gifted deposit.
The society believes that many mortgage providers, particularly those who undertake a manual lending approach rather than an automated one, are now in a position to better understand the finances of more mature applicants.
Charlotte Grimshaw, head of mortgages, at Ipswich Building Society, said: “Many people over a certain age tend to think that equity release is their only option if they want to borrow against the value in their home – it’s almost like a conditioned response. ....

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