Property news has dominated the financial headlines this week and today is no exception. On the front page of The Times is an exclusive story revealing that Britain’s biggest mortgage lender has decided to increase its age limit from 75 to 80 as it adapts to an ageing population.
The change will be introduced by the Halifax next week in response to shifting ‘demographics and working habits’. It means that for new applications the mortgage term will be allowed to run until the borrower’s 80th birthday. Scottish Widows, which is also owned by Lloyds Banking Group, will bring in the same rule. At present only building societies lend to people over 75. Simon Collins, of John Charcol, a mortgage broker, said that the Halifax’s move was a ‘logical progression’ as it is estimated that a quarter of the population would be 65 or older by 2034. ‘We are living longer, we are having to work longer, therefore we are going to have to borrow for longer,’ he added.And there’s new data from the Council of Mortgage Lenders showing that first-time buyers are taking out mortgages with longer terms than ever before so they can cope with rising house prices. A decade
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