Halifax up mortgage limit to 80 years old

Halifax 80 years old
6 May 2016

Halifax have put up the age limit for people who can get a mortgage with them to 80 years old - that's either a commentary on how we're getting healthier, or a nod to how we're going to all be working 'til we're a hundred.

So what does this actually mean? Well, if you're 55 years old, you'll be able to take out a 25-year loan - we're not talking about people in their eightieth year getting a new mortgage out. That'd be silly.

One of the things that mortgage lenders will be thinking about, is that there's a lot of older people with a good financial track record, so this could be pretty low risk for them.

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."

Of course, there's other similar products, but Halifax are the biggest mortgage lenders in the UK, so this is big news in the sector.

You can also get a 55+ mortgage with Hodge Lifetime, as well as National Counties building society who will look at applicants that are of a certain vintage (they'll look at people up to age 89).

The other big lenders cut-off at 75 years old.

You can compare mortgages with a number of tools, including the MoneySupermarket, and you can check out Halifax's offers here. Hopefully you won't end up living inside a dustbin, like the Halifax's mascot, Top Cat.

TOPICS:   Mortgages   How To Guides

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