Just days after Halifax and Scottish Widows said they would raise their age limit for mortgages from 75 to 80, Nationwide has announced it is increasing its threshold too.
The UK’s biggest building society is raising its age limit for borrowers by ten years to 85. The change – which applies to when a mortgage term ends, not the maximum age a borrower at which can apply for a loan – is yet another sign of the impact of rising house prices on buyers.
Nationwide said the increase was due to ‘growing demand’, and the limit would be in force from July. It means a 60-year-old could take out a 25-year mortgage as long as they prove they can afford the repayments.
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There have been calls for the industry to do more to help older buyers after tougher mortgage checks, introduced in the wake of the financial crisis, have made it harder for middle-aged people to get a home loan.
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