17 Jul

Mortgage lenders raise age limits

Mortgage lenders raise age limits

Two key mortgage providers have raised the maximum age limit for applicants applying for loans.

Both Halifax and Nationwide have increase the age limit to 80 and 85 respectively following changes in the demographics of the country.

Developer Linden Homes is encouraging more people to consider taking advantage of the chances to move home or take out a new loan.

"These new mortgages offering people the chance to lend later in life are ideal for those people in their 40s and 50s who are considering a property move, but may’ve been restricted previously by the length of term they could borrow money for," explained Tom Nicholson, the firm’s divisional managing director.

He added: "Providing those applying have an existing pension in place which will cover the cost of the monthly repayments, a mortgage agreement will be drawn up against the usual rigorous criteria for eligibility."

Adam Champion, business development director at the New Homes Mortgage Helpline, explained first-time buyers are getting older and this is having an impact on the general age of people making moves further up the property ladder. Therefore, the changes should help those who want to make a move but are approaching retirement age.ADNFCR-1222-ID-801821893-ADNFCR

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