It has been announced this week that the Halifax has raised its age limit to 80 for those looking at borrowing on a mortgage with the bank. The age limit was previously 75 with the Halifax, however due to rising house prices and the rising financial pressure on families and homeowners, many mortgage lenders are willing to assist borrowers in this way.
Although 80 isn’t the maximum age that a bank will lend to, it comes as good news for those who have not been able to get on to the housing ladder until later in life. 89 is currently the maximum age limit of a mortgage lender and as long as it can proven by the borrower that they will be able to make payments up until such an age (with evidence of retirement income) more and more banks are willing to consider lending for longer.
The move from Halifax ties in with the Government’s latest plans to raise the state pension age from 65 to 67 for men and women in the UK, and with more than 12 million people living in the UK aged 65 or over this is great news for older borrowers.
Not all mortgage lenders will currently lend to those aged 80 and above, HSBC, Santander and Nationwide will lend up to age 75 whereas Barclays and RBS have an age limit of 70 for their mortgages.
Here at My Finance Friend we can help you in finding the perfect mortgage for you, no matter what your age. We will happily sit down with you to discuss your requirements and provide tailored advice to suit your needs.
So if you’re looking for a mortgage, be it a First Time Buyer mortgage or a remortgage then please feel free to get in touch using our Contact Us page or call us on 0800 044 5733