Signs of the times for mortgages
Mortgage lenders have recently announced changes to their rules as to how mortgages will in the future be offered to their clients in an effort to deal with the high prices of property and changes in demographics.
The Halifax bank part of Lloyds Banking Group – the largest retail bank in the UK is increasing its upper age limit for mortgages from 75 years to 80 years.
Stephen Noakes, managing director for retail customer products at Halifax, said: “As demographics and working habits continue to change, we continually review our products and policies to ensure they reflect the evolving needs of our customers, including those who wish to continue working longer.”
Barclays bank are bringing back the no deposit mortgage, not seen since the financial crash of a few years ago.
The mortgage is in fact not completely deposit-free. The Family Springboard mortgage will require someone else, a family member or guardian to put 10% of the value of the property in a linked savings account. The money will be held for three years earning interest before it is returned to the family member.
Signs of the times for mortgages indeed.
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