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Mortgages now available up to age 85

09 May 2016

Britain’s two biggest lenders, Halifax and Nationwide, have raised the age limit by which a mortgage must be repaid

This is great news for older people wanting to buy, as well as parents and grandparents wanting to remortgage to help younger members of the family onto the housing ladder.

Nationwide have increased the limit by a decade to 85, and you can take out a home loan up to the age of 80 - as long as it's paid back by 85. Additionally, the loan limit is £150k and not greater than 60% of the value of the property. At the Halifax loans must be repaid by the age of 80.

These two lenders currently have about one third of total UK mortgage lending, but it’s probably only a matter of time until other lenders change their policies too……

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