Halifax mortgages for over 70s it will now lend to borrowers who are over 70, up to the borrower’s state pension age or their 75th birthday whichever is later. It is the second time in two weeks that the lender has relaxed its lending into retirement rules. This means that the lender will use earned income to assess affordability for people over 70, but it will also consider verifiable anticipated retirement income from sources such as the State Pension, final salary pension schemes and annuities. It will also reinstate Buildzone as an acceptable warranty provider and add Assure Build, International Construction Warranties and Advantage HCI to the list of approved providers.
Homeownership Beyond 70: A Guide to Halifax Mortgages for Seniors
Currently, most high street lenders insist that mortgage borrowers are aged at least 65 or 66. Some, such as Nationwide and Barclays, have a maximum age limit of 80 years or even 85 at mortgage maturity. However, according to the Building Societies Association 10 of its members have no age limits at all and the majority of other lenders will lend up to borrowers who are 75 or over.
In addition to standard mortgages, Halifax has also introduced retirement interest only and lifetime mortgages for older people. These are similar to equity release schemes but they involve a fixed loan term, so the monthly payments remain low. The loan and interest will only be repaid when the property is sold or when the borrower dies or moves into long-term care.