Nationwide, Britain’s largest building society will raise its maximum age limit on mortgage lending to 85 as lenders battle to attract older customers.
As from July, all existing borrowers at Nationwide will be entitled to apply for a mortgage term that can run up to their 85th birthday, which will be the highest age limit of any high street lender.
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 be no
greater than 60% of the property value.
Halifax has also increased its age limit for mortgages from 75 to 80.