Maximum age for domestic loans could be relaxed in response to ageing population and demand for longer mortgage terms
Older homebuyers may soon find it easier to win a mortgage after Britain’s building societies pledged to review maximum age limits for borrowers in response to the ageing population and high house prices.
Many mortgage lenders will only grant a mortgage up to an individual’s planned retirement date,so for someone aged 45 who expects to retire at 67, the maximum mortgage term might be just 22 years. This has led to many older borrowers either being turned down or restricted to a more costly shorter mortgage term.
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Source: theguardian.com