Another lender raises age limit on mortgages
Following on from the recent announcement from Halifax Bank part of Lloyds Banking Group, which increased its upper age limit for mortgages from 75 years to 80 years, the Nationwide has now announced that is raising its age limit for people paying off mortgages by 10 years to 85.
This is a further endorsement of the impact rising house prices are having on buyers, the building society reportedly said the increase was due to “growing demand”, and the limit would be in force from July.
Nationwide said the new age limit would apply to all standard mortgages up to a maximum loan size of £150,000, and could be no greater than 60% of the property value.
A recent survey by Halifax suggested that one in three 20 to 45-year-olds expected to be working beyond their retirement age to pay off their mortgage.