Nationwide ups mortgage age limit to 85

Nationwide ups mortgage age limit to 85
9 May 2016

You may have seen that Halifax have upped the age limit for mortgages to 80 years old - well, Nationwide have decided to get in on the action, and have raised theirs to 85!

Previously, the maximum age limit for its mortgages was 75, but with this rise, it is now the highest of all the big lenders.

Nationwide are going to grant mortgages of up to £150,000 to older people, provided they can prove that they've got enough money in their pension to afford repayments.

Basically, at 80, you'll be able to get a five-year mortgage. This higher limit will only be available to those who can prove that the loan will not exceed 60% of the value of their home.

Henry Jordan, Nationwide head of mortgages, said: "We are taking a series of steps to meet a growing demand from customers to be able to borrow in later life. These customers are often asset rich, with significant equity in their home, and they wish to have the flexibility to borrow against it."

"Access to the mainstream market has been a challenge for older customers, resulting in their needs going unfulfilled. This measure helps to address these needs in a prudent, controlled manner."

Everything is shaking up in the world of mortgages - only last week, Barclays reintroduced their 100% mortgages (of a fashion - you need relatives with a load of money stashed away to stump up some of the cash).

Check out Nationwide's mortgage deals, if you're in the market for it.

TOPICS:   Mortgages

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment