Halifax increases its maximum mortgage age to 80
Britain’s biggest mortgage lender has increased its maximum mortgage age from 75 to 80 in a positive move for older borrowers.
Halifax says its maximum age rise will apply to all of its mortgages, including new applications, further advances and product transfers. If borrowers want to borrow up to the age of 80, they will need to demonstrate they receive sufficient pension or investment income.
Aaron Strutt, product manager at Trinity Financial, says: “Mortgage lenders have been under a lot of pressure to increase their maximum age policies and changes are starting to filter through.
“There are over 20 building societies lending up to the age of 80 or 85 and the Building Societies Association says 10 of its members do not have any maximum age at all.”
Nationwide Building Society, Santander and Virgin Money require borrowers to repay their mortgage by the time they are 75. Barclays and NatWest have a maximum age limit of 70.
For help to secure an older borrower mortgage, call Trinity on 020 7016 0790.
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