UK building societies offer better deals into retirement.
The Building Society Association has confirmed that over 50% of its members, now offer mortgages to borrowers up to or beyond the age of 80.
There are now 27 building societies lending into retirement, 6 lend up to the age of 80, 10 lend up to the age of 85 and 11 have no age limit - including the Cambridge, Dudley and National Counties.
With home-ownership now being delayed by so many due to the length of time it takes to save for a deposit, many home-owners may find themselves requiring a mortgage into retirement. Indeed, demand for mortgage terms of 35 years are increasing in number.
Since removing its maximum age limit back in January, the Cambridge Building Society has announced it has already approved mortgages to a value of £4.5m, to borrowers who will be over 75 years of age when their deal ends.
Underwriting for mortgages into retirement is on an individual basis and depends on financial circumstances, but this is a positive step in the right direction for older borrowers.
If you are looking for a mortgage or would like to remortgage your existing home, call an adviser at Deal Direct.
For impartial advice and a low rate quote,
speak to us on 0800 048 8828.
