Mortgage upper age limits to be reviewed by UK lenders.
Mortgage lenders have been accused of ageism with their policy on older borrowing.
Many lenders have reduced their age limits, however swimming against the tide is the Mansfield BS which has become one of the first to lift restrictions for older borrowers.
Pension rules have changed and state pension age limits increased, yet most lenders have failed to keep in sync and recognise home-owners are likely to be paying their mortgage into their 70s.
A week ago the building societies association advised a change in mortgage rules is long overdue for older borrowers.
For many in retirement getting a mortgage is proving difficult, which for some means not being able to downsize to a smaller home.
In response to the need for lending into retirement, the Mansfield Building Society has launched a new interest-only deal for home-owners looking to down-size. The mortgage has an upper age limit of 80 years and is a 2 year fix at 3.19%, after this time the loan reverts to the lender's SVR which is currently set at 5.59%.
Fees are set at £999 and applicants must have a deposit of 60% or above.
Whatever your age call us at Deal Direct for impartial advice and a quote. We are 'whole of market' which means we can contact ALL lenders market-wide.
For a mortgage in 2016 call us on 0800 048 8828.
