Nationwide improves maximum age mortgage criteria
Nationwide for Intermediaries has improved its mortgage acceptance criteria for older borrowers.
The lender is now providing mortgages up to the age of 70 or 75 if borrowers pay into a pension. Previously, the society linked the maximum term to the state retirement age.
Aaron Strutt, product manager at Trinity Financial, says: “You could have had a scenario where a client planned to retire at 75 but the state retirement age was 65.
“As a result the mortgage term would have to end at 65 even though the client’s intention was to work for a further ten years.
“If you are going to work beyond state retirement age, Nationwide will now lend to your anticipated retirement age. This brings them in line with some of the other lenders and shows a willingness to change to assist older borrowers.”
For help to secure a mortgage call Trinity on 020 7016 0790.