Can pensioners get a mortgage at 80 years old?



Can pensioners get a mortgage at 80 years old?

Nationwide Building Society recently lifted its maximum lending age and will offer mortgages to pensioners as old as 80 and give them until 85 to pay them off. Halifax has raised its mortgage maturity age to 80 and other lenders are expected to follow suit. So why are they doing this?

What is the maximum age limit to get a mortgage?

There are lenders currently increasing the upper age limit that they accept borrowers to be at the age of maturity (when the mortgage is fully paid). Nationwide are among the first high street lender to raise its upper age limit to 85 years old at the age of the mortgage maturity.

Can a 65 year old get a 25-year mortgage?

Barclays will now accept interest-only mortgages for over 65s, up to the age of 70 at maturity too. Nationwide mortgages now extend their residential mortgage to older people with an age of maturity of 85 years old. So at the age of 60, you could still take out a residential mortgage over a 25-year term.

How old is too old to get a home loan?

Challenger bank Aldermore says it will now let people carry on holding one of its mortgages until they are 99, and its maximum age for a new borrower applying for a home loan is an impressive 85.