A welcome new trend has hit our high streets, and things are looking up for older borrowers. Halifax has raised its age limit for mortgage borrowers by five years to 80.
Another big lender, Nationwide, have also agreed to grant mortgages of up to £150,000, to run for five years to older borrowers if they can prove they have enough of a pension to afford the repayments.
Halifax says that any borrowing beyond retirement age will require proof of retirement income and Nationwide says that the higher age limits are only open to borrowers who can prove that the loan will be no more than 60% of the value of their home.
Many people are not able to afford to buy their first home until they are in their thirties or forties, and a recent survey by Halifax suggested that one in three 20- to 45-year-olds will be expected to work beyond their retirement age to pay off their mortgage. Therefore, the longer age limits massively improve the affordability of loans for older borrowers.
Halifax said: “As demographics and working habits continue to change, we continually review our products and policies to ensure they reflect the evolving needs of our customers, including those who wish to continue working longer.”
However, most mainstream lenders still have far lower age limits. Barclays and RBS have an age limit of 70 for their mortgages, while HSBC, Nationwide and Santander impose a cut-off at 75.
Our quality service is reflected in our admission on the conveyancing panels of all the major High-Street lenders, including Nationwide, Halifax, Santander, Woolwich and HSBC. We are accredited by The Law Society’s Conveyancing Quality Scheme (CQS) and the Government’s Help to Buy ISA scheme, demonstrating that we follow the best practice, meet the highest standards of technical expertise, and provide excellent client services that are compliant with regulators, lenders and insurers. To see the full list of lender panels we are on please see the Mortgage Lender Panels page.
For more information about the new mortgage lender updates visit our mortgage and conveyancing pages, or to book an appointment please call 020 8840 6640. Our offices are based in Brentford, Ealing, Chiswick, Canterbury and London Victoria. For an appointment at any of our offices, email us at solicitor@starckuberoi.co.uk or call 0208 840 6640.
