MORTGAGES: Age Limits Going Up

The Nationwide building society is to raise the age limit for people paying off mortgages by 10 years from 75 to 85. This comes hard on the heels of the Halifax increasing its age limit for mortgages from 75 to 80. The building society attributed the increase to “growing demand”, and said the new limit would be in force from July.

It means a 60-year-old could take out a 25-year mortgage as long as they prove they can afford the repayments. This news also comes after calls for the industry to do more to help older buyers after tougher mortgage checks, introduced in the wake of the financial crisis, made it harder for middle-aged people to get a home loan.

And a recent survey by Halifax found that one in three twenty to forty-five-year-olds now expect to be working beyond their retirement age in order to pay off their mortgage. Halifax has said its decision to raise the upper age limit is a response to changing demographics, which boils down to people living and working for longer.

How Do Other Lenders Compare?


Santander’s upper age cut-off is 75, while RBS’ upper age limit is 70. HSBC does not have an upper limit, but claims to consider applications of those over 75 on “a case by case basis”. The Barclays’ upper age limit is 70, or the customer’s retirement date, whichever comes first.