Nationwide increases its max mortgage maturity age.
Finally, lenders are getting behind the fact that due to property high prices UK buyers are getting older when they make their first purchase. It’s taking far longer to save a deposit and so many are having to defer their first purchase until later in life. Therefore when starting to pay a mortgage later, it’s only logical that you’ll finish paying later too.
One of the first to introduce a change was the Halifax, which increased its upper age limit from 75 to 80 years, and now the Nationwide has followed suite. The lender advises that its upper age limit will now be 85 years. Other terms include the fact the max mortgage advance will be £150K, and a 40% deposit will be required to be eligible.
This is good news in a market where buyers have to take mortgage later and for longer to be able to afford a home.
If you would like to discuss getting a mortgage to buy a first home or climb up the property ladder, or would like to remortgage to a lower rate or release equity, call an adviser at Deal Direct.
We are impartial and ‘whole of market’, and are here to help you achieve the most competitive mortgage offer possible.
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