You might not have noticed, but during the Spring and Summer of 2016 there was a flurry of activity as lenders announced (in quick succession) an increase in the upper age limit for borrowers.Upper Age Limits raised from Reach 4  mortgage broker Leeds

First came the Halifax with an increase from 75 to 80, quickly followed by the Nationwide allowing existing customers with a retirement income, to borrow up to the age of 80, with a maximum age at maturity of 85.

Henry Jordan, Nationwide head of mortgages, said: "We are taking a series of steps to meet a growing demand from customers to be able to borrow in later life.

"These customers are often asset rich, with significant equity in their home, and they wish to have the flexibility to borrow against it.

"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.”

There are lenders out there with no upper limit to their mortgage lending, with each case being individually assessed. Mortgage brokers may well be able to access these for you and tailor a product to suit your needs. If, in retirement, you have multiple income sources (pensions, dividends, rental income etc) you may well need the services of a broker like Reach 4 Mortgages.

Want to know more? Give Reach 4 Mortgages a call on 0113 258 1293 or use our contact form

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