Halifax Introduces Mortgage For Over 70s

Halifax mortgage for over 70s the maximum working age (MWA) at which mortgage borrowers can repay their loan using income from work to 80. This is in line with the increasing number of older borrowers who are still working and will be affected by rising interest rates. It also comes amid renewed political concern about the accessibility of credit for the over 60s. The country’s biggest mortgage lender says the change will not affect mortgage applicants whose terms end before their 80th birthday. However, it will require them to provide evidence of retirement income for any borrowing beyond this age.

Securing Your Home Sweet Home: How to Find the Best Mortgages for Those Over 60

Halifax used to offer a retirement mortgage scheme – the Retirement Home Plan – which was available for those over 55 and was based on future income and property value. This was different from the lifetime mortgage schemes now on the market, which allow borrowers to borrow against the value of their home and only need to make payments on the interest. This type of loan can be a good option for people who want to release equity in their property but do not want to be tied into repayments.

However, not all lenders will lend to those over 70. There are specialist lenders who offer mortgages for over 70s and it is important that if you are thinking of applying for one, that you do your research thoroughly. It is also worth speaking to an independent financial adviser or solicitor to ensure that your application meets all the criteria required by the lender.