By Joanne Atkin in Lending news 9th May 2016 Comments Off on Nationwide raises upper age limit for mortgage borrowers Nationwide Building Society is the latest lender to increase its maximum age for mortgage maturity, moving from 75 to 85 years old.
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The Nationwide move will enable existing customers with retirement income to apply for a mortgage up to the age of 80, with a maximum age at maturity of 85, including house purchases and further advances. The option will be available on all standard nationwide mortgage products up to 60% loan-to-value (LTV) and a maximum loan size of 150,000.
– Britain’s mortgage lenders are tearing up longstanding restrictions on older borrowers as Nationwide became the second lender in a week to extend the age limit by which a home loan must be repaid. Mortgages over 50 – Typically this is the age when people enjoy the most flexibility with mortgages.
The maximum age at which Nationwide will grant a new mortgage will be 80, with a five-year term. The move follows Halifax’s announcement last week that it is raising upper age limits from 75 to 80. Halifax extended its age limit from 75 to 80 in May 2016 and from July 2016, Nationwide extended its age limit by 10 years to 85.
If you’re looking for a mortgage to run well past your retirement age, Nationwide has just beaten Halifax’s lead and upped its maximum loan maturity age to 85 Barclays, NatWest and Royal Bank of.
Nationwide mortgage upper age limit mortgage One of the biggest blessing for homeowners is when they can find a mortgage refinance without an appraisal being required. Yes, it not available to everyone in every situation, but it is possible to refinance with no appraisal in 2019 if you know where to look.
HSBC’s record-low British mortgage rate sparks risky lending concerns – Halifax, part of the Lloyds stable, has increased its upper age limit for mortgage borrowers from 75 to 80, against a backdrop of record low rates. Nationwide, Britain’s biggest customer-owned lender,
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Nationwide said the new age limit would apply to existing customers for all its standard mortgages, but the maximum loan size would be 150,000, and could The policies of rival mortgage lenders for older borrowers varies. santander, for example, says 75 is its cut-off while rbs’ upper age limit is 70.