Last month the society announced that it would up its maximum lending age from 75 to 85 in July.
The higher threshold will be limited to products at 60% loan-to-value and loans under £150,000 with the maximum application age being 80.
This is another stage in Nationwide’s drive to widen choice for customers. Nationwide recognise the risks that can accompany borrowing at an older age, so they are taking a balanced and prudent approach.
Customers will need a stable and ongoing retirement income and Nationwide will reflect the additional risks that older borrowers may face by basing their assessment for joint borrowers on the proportion of income which will continue, should part of that joint income be lost during the mortgage term. Nationwide will continue to look to strengthen their support for older and retired customers.
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This post was written by Debbie Brown