This means that even if you are below the maximum age for a mortgage, its term could be limited by how old you are. For example, if you are 60 and want a mortgage that must be paid off before you reach 70, its term could be no more than ten years.
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’.
Nationwide has announced that they will be increasing that age limit for paying off a mortgage to 85 years old, as of July. The changes will mean that somebody aged 65 years old could take out a 25-year mortgage, as long as they can demonstrate that they would be able to afford the repayments.
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While theoretically age should not be as big a concern for Buy to Let lenders as for a residential property, the reality is that it is still a factor and many borrowers do face upper age limits. So, what is the maximum age to get a buy to let mortgage? And is it possible to get a Buy to Let mortgage with no age limit at all?
Santander extends interest only mortgage age limit. "By extending the age limit on our interest-only mortgages, we hope to meet the needs of this growing customer group, offering them more.
So have mortgage lenders caught up with us? I decided to ask 10 of the UK’s biggest lenders to find out what their policy is on lending to older homeowners. Most lenders have upper age. RBS has a.
I decided to ask 10 of the UK’s biggest lenders to find out what their policy is on lending to older homeowners. Upper age limits. Most lenders have upper age limits on borrowing and this usually refers to the age at which the mortgage must be fully repaid.
Nationwide Building Society has previously had a maximum 75 year age limit in place for mortgage maturity – but it will increase this by 10 years from July, as part of wider efforts to offer.
Nationwide’s move comes just days after Halifax raised its maximum age at maturity to 80. There are a number of lenders who apply no upper limit to their mortgage lending, assessing each case.