Nationwide Mortgage Upper Age Limit
nationwide raises upper age limit for mortgage borrowers By Joanne Atkin in Lending news 9th May 2016 Comments Off on Nationwide raises upper age limit for mortgage borrowers Nationwide Building Society is the latest lender to increase its maximum age for mortgage maturity, moving from 75 to 85 years old.
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Can A Home Loan Be Used For Renovations Whether it’s because you want to sell your home, upgrade your existing one, or buy a property to flip it, then you may be in need of extra funds to complete the home improvements you have in mind.. home improvement loans are, as the name implies, offered by lenders to consumers who plan to use that money to fund some sort of renovation or addition that they otherwise might not have the money.
At Nationwide, for example, we’ve increased our mortgage maturity age from 75 to 85, in a move that forms part of our ongoing plan to bring more flexibility and choice to older borrowers. Within a few minutes, our mortgage affordability calculator will help give you an idea of how much we could lend you, subject to criteria and application details.
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Nationwide increases home loans age limit to new high of 85. – Britain’s mortgage lenders are tearing up longstanding restrictions on older borrowers as Nationwide became the second lender in a week to extend the age limit by which a home loan must be repaid.
Nationwide is restricting its offer to its existing 1.9m mortgage customers, who from July will be able to take out a new home loan up to the age of 80 as long as it is repaid by their 85th birthday.
Most mortgage lenders have an upper age limit for their lending, meaning that the end of your mortgage term can’t extend beyond this. This can make getting a mortgage difficult if you’re older. For example, borrowers over 45 may struggle to take out a 25-year mortgage, as they would be at least 70 before the loan was paid off.
The upper age limit change is Halifax’s second tweak to its lending into retirement policy in two weeks. On April 22 the lender relaxed the way it treated income for older borrowers.. Previously, Halifax used earned income for affordability up to the state pension age, then relied on pensions or other retirement income beyond that, up to a maximum age of 75.
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