The Loughborough Building Society has added a cashback feature to its borrowing into retirement mortgage range.

Borrowers will now receive £250 and a free standard valuation for purchase and remortgage products.

Other features include having no maximum age at the end of term (which can go up to 35 years), interest-only options when downsizing and the option to borrow at up to 60 per cent LTV if the term ends after age 80.

A two-year discount and a three-year fix are available, with variable rates started at 2.79 per cent.

The Loughborough business development manager Ashley Pearson says: “Many borrowers who are coming up to retirement, or already retired are looking to move closer to family, improve their homes, take lifetime holidays and help younger family members finance their first homes, so it’s a pleasure to be able to make that possible and, with no upper age limit, we’re able to help more people with a range of specific individual needs”.