New mortgage products become available to older buyers

Last week, The Halifax announced it was upping its age limit on mortgage borrowing by five years from 75 to 80 years of age.  This was quickly followed by Nationwide which this week upped its age limit to 85.

They join a number of companies now offering new mortgages products to older people.  These include National Counties, Nationwide, HSBC and Santander all of whom have increased the upper age limit to specific products with age limits running between 75 and 89 years of age.

With many first time buyers now being in their thirties and forties, lenders are appreciating the fact that more and more middle aged people need loan terms which are beyond the 'normal' products which are aimed at completing by the previous 'statutory' retirement age.

People are fitter and more active in their later years than ever before.  Many are aiming to work for longer, so are proving themselves to be able to afford loans at an ever increasing age.

For older buyers looking to move, perhaps to be nearer family and to keep working, these options may prove ideal.  The Croft at Baston is one of our age exclusive development, aimed at new home buyers aged 55 years and above.  These properties are perfect for those looking for energy-efficient new homes which benefit from private gardens, resident allotments and a community hub.

Individual mortgage deals vary as to terms and conditions. We recommend that you should always seek professional advice on mortgages.