Lenders attach two age limits to their mortgages, one for those taking out a mortgage (normally around age 65-70), and one for paying them off (70-85 years).
As most people are now enjoying a longer, healthier life, many lenders are now reviewing their maximum age limits, says Charlie Blagbrough, Mortgage Policy Officer at the Building Societies Association. ‘Our aim is to make sure that there aren’t creditworthy borrowers in the market who are unable to access mortgage finance,’ he said.
At Nationwide, for example, we've increased our mortgage maturity age from 75 to 85, in a move that forms part of our ongoing plan to bring more flexibility and choice to older borrowers.
Within a few minutes, our mortgage affordability calculator will help give you an idea of how much we could lend you, subject to criteria and application details. You’ll need to have details of your income, any current borrowing and outgoings to hand.