Principality caps its maximum mortgage age
Principality Building Society is the latest mortgage lender to tighten its maximum age acceptance criteria making it harder for borrowers to take longer mortgage terms.
The lender is re-introducing a maximum age for new customers and all residential and buy-to-let mortgages must now be repaid on or before the eldest applicant’s 76th birthday. It is unusual for a lender to set a maximum age cap particularly when it was so lenient before.
It is possible to arrange mortgages for older borrowers with some of the smaller building societies as they are often more generous than the bigger banks. They typically assess the client’s pension income and any regular payments they receive.
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