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Member story: getting a mortgage in retirement needn’t be difficult

A married couple are stood in their kitchen looking into the camera.

At the beginning of this year, Ian Steele and Gill Peake Steele, wanted to remortgage their semi-detached home in Worsley, Greater Manchester.   

However, there was one slight obstacle: Ian was retired.  

Mortgage borrowing in retirement needn’t be difficult. 

After several false starts with well-known high street lenders, the couple found Newbury Building Society online, and hoped they had finally discovered their mortgage knight in shining armour. 

Below, you can read their story: 

How did your journey start with Newbury Building Society? 

We needed an interest-only mortgage and after some extensive research we found Newbury Building Society’s website. We live in Manchester so were unable to visit a branch during our search, and the Society was unknown to us at the time. 

Why did you decide to remortgage your property?

We found the repayments terms of our previous mortgage held with a different lender were prohibitive, so we decided to switch.

A married couple are stood in their kitchen looking into the camera.

Was there anything unusual about your situation?

With Ian being retired, our situation was unusual in the sense our circumstances would not allow a high street lender to grant us a loan due to his age (63). 

How did you hear about Newbury Building Society?

We were researching mortgage lenders who may be willing to lend into our retirement and stumbled across information about Newbury Building Society on the Building Societies Association (BSA) website. 

Why did you choose Newbury Building Society as your lender?

Newbury Building Society was the only lender who would grant an interest-only loan in retirement, plus the interest rate was good. 

What was your experience with Newbury Building Society like during and after the mortgage application process?

Excellent – Newbury Building Society was very thorough during our application process. Having access to a qualified mortgage adviser and being able to talk to them directly about our mortgage really helped. 

Would you recommend Newbury Building Society to friends and family?

Yes. The whole process was great and seamless. Having a mortgage adviser on the end of the phone was far better than what other high street lenders offer.

If you’re looking for a mortgage in retirement, visit our lending into retirement hub for further information.  

If you would like to discuss your mortgage options, please contact us or visit your local branch to arrange an appointment. We offer face-to-face, telephone and video advice mortgage appointments for those who cannot make it to a branch.  

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.  

Contact
Sian Dennis Senior Marketing and Communications Officer

Sian is responsible for the running of the Society's Press Office and PR strategy as well as the creation of external marketing collateral, digital copywriting, brand awareness and internal communications.

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