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Nationwide raises home loan age limit to 85 years. The move comes as Halifax increases its age limit for mortgages from 75 to 80 from Monday. There have been calls for the industry to do more to help older buyers after tougher mortgage checks, introduced in the wake of the financial crisis, have made it harder for middle-aged people to get a home loan.
Is there an age limit for taking out a mortgage? The minimum age for taking out a residential mortgage with us is 18, and for buy-to-let mortgages it’s 21. Usually the maximum age at the end of the mortgage term should be 70 or your retirement age – whichever is sooner.
Barclays, NatWest and Royal Bank of Scotland have an upper age limit on mortgage maturity of just 70. And the nationwide improved age limit is only for ‘existing customers with retirement income’.
The new Nationwide age limit comes into force in July, meaning those at 60 years old can take out a 25-year mortgage. Last week in May, Halifax also increased its upper payback age limit for mortgages.
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The upper age limit change is Halifax’s second tweak to its lending into retirement policy in two weeks. On April 22 the lender relaxed the way it treated income for older borrowers.. previously, Halifax used earned income for affordability up to the state pension age, then relied on pensions or other retirement income beyond that, up to a maximum age of 75.
The maximum age at which Nationwide will grant a new mortgage will be 80, with a five-year term. The move follows Halifax’s announcement last week that it is raising upper age limits from 75 to 80. Halifax extended its age limit from 75 to 80 in May 2016 and from July 2016, Nationwide extended its age limit by 10 years to 85.
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Older borrowers are no longer being overlooked by Britain’s biggest mortgage lenders with the latest move by Nationwide Building Society to increase its upper age for mortgage maturity from 75 to 85.
From July, Nationwide is going to raise its limit for mortgage lending to 80, with a maximum age at maturity of 85 for existing customers. That means customers will be able to take out a mortgage.
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