We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Nationwide raises mortgage borrowing age limit to 85
worldtraveller
Posts: 14,013 Forumite
Nationwide is to raise the maximum age limit for its mortgages from 75 to 85, the highest of any major lender, in a change of policy that it says reflects Britain’s ageing population.
The building society’s move leapfrogs Halifax, which last week raised it's age limit to 80. Many older borrowers have struggled to obtain mortgages, despite changes to employment habits, with many workers staying in their jobs until the age of 70 or more.
Nationwide will grant mortgages of up to £150,000 to older borrowers if they can prove they have enough of a pension to afford the repayments. The last age at which the society will grant a mortgage is 80 years old, to run for five years.
But the higher age limits are only open to borrowers who can prove that the loan will be no more than 60% of the value of their home.
The Guardian
The building society’s move leapfrogs Halifax, which last week raised it's age limit to 80. Many older borrowers have struggled to obtain mortgages, despite changes to employment habits, with many workers staying in their jobs until the age of 70 or more.
Nationwide will grant mortgages of up to £150,000 to older borrowers if they can prove they have enough of a pension to afford the repayments. The last age at which the society will grant a mortgage is 80 years old, to run for five years.
But the higher age limits are only open to borrowers who can prove that the loan will be no more than 60% of the value of their home.
The Guardian
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
0
Comments
-
We'll pay mortgages until the day we die...
0 -
I heard this this morning and I was suitably !!!!ed off considering that Nationwide have just cut the interest rate on my ISA with them.0
-
Given the number of people forecast to take interest only mortgages into retirement seems a sensible policy. Though affordability as always is the key.0
-
What has one got to do with the other?I heard this this morning and I was suitably !!!!ed off considering that Nationwide have just cut the interest rate on my ISA with them.
They use your money to lend, but i would be surprised if someone said, we need to lend more money over a longer period so to do that, lets pay less on ISAs.
You trying getting a Mortgage to age 85 though and I think you will struggle.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Is it not for existing customers only with retirement income?
The change is not due until July and I am expecting the detail to fall well short of the suggestions in the press.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm with amnblog on this - its just part of a trend, not a major change is my guess.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
Applies to clients over 75 with pension income >£50,000 and both Parents as guarantors.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Max loan £150k . Max LTV 60%.
Not over generous.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards