The following article has been extracted from Wales Online:
Nationwide has become the latest financial institution to increase the age limit for when people have to pay off their mortgages to 85.
The increase in age by 10 years follows the decision of Halifax to increase its age limit from 75 to 80.
The move reflect the fact that not only are people living longer many are also earning well past their official retirement dates.
And it means that people aged 60 can now take out a 25-year mortgage.
Nationwide said 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.
Nationwide’s head of mortgages Henry Jordan said: “Access to the mainstream market has been a challenge for older customers, resulting in their needs going unfulfilled. This measure helps to address these needs in a prudent, controlled manner.”
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