NatWest increases maximum mortgage age to 75 and raises mortgage term to 40 years
NatWest Intermediary Solutions has raised its maximum mortgage age and increased its mortgage term in a move designed to provide more flexibility to borrowers.
What is NatWest's mortgage term policy?
NatWest has raised its maximum term to 40 years when borrowers take its capital repayment mortgages. The maximum term is 35 years when there is an element of interest only or 30 years when an interest-only loan is more than £500,000. For buy to let mortgages, the maximum term is 35 years.
What is NatWest’s maximum age policy?
The maximum age at the end of term has increased to 75. Where all or part of the mortgage is interest-only, the maximum age at the end of the term is 70.
For buy to let applications, the maximum age at the end of the term is 80. For portfolio landlords and/or customers who are non owner-occupiers the maximum age is retirement age or 75 (whichever is lower).
Why is NatWest making these changes?
NatWest has made these changes to bring the bank more in line with its competitors. More banks and building societies provide mortgages to older borrowers and issue longer mortgage terms to help borrowers access more affordable mortgages.
Aaron Strutt, product director at Trinity Financial, says: "This is a positive change that will make it easier for borrowers to secure a mortgage. If you are applying for a mortgage that will run past your 70th birthday, the bank will want you to work in a sector where this is realistic. You are more likely to be accepted if you work in an office or run a company."
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