Nationwide latest lender to hike maximum mortgage age limit
Nationwide Building Society has announced plans to increase the maximum age for its existing mortgage borrowers.
The change will be implemented in July and enable customers with retirement income to borrow up to the age of 80, with a maximum age at maturity of 85.
The option will be available on all standard Nationwide mortgages up to 60% loan-to-value and the maximum loan will be capped at £150,000.
Nationwide recently simplified its approach to assessing retirement income, allowing customers to use their anticipated retirement age, rather than the state pension age, up to a maximum age of 70.
Aaron Strutt, product manager at Trinity Financial, says: “Even though Nationwide’s changes will initially be limited to existing customers, it is a step in the right direction. “Many of the building societies do not have a maximum lending age and Halifax has increased its maximum lending age from 75 to 80.”
In Nationwide’s press release, the society said it was taking a series of steps to meet a growing demand from customers to be able to borrow in later life. Highlighting these customers are often asset rich, with significant equity in their home.
For help to secure an older borrower mortgage, call Trinity on 020 7016 0790.
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