Today's newspapers report that the Halifax will soon be increasing the term of mortgages until the age of 80 years. The reason quoted was in response to shifting “demographics and working habits”.
Another UK lender, Scottish Widows, which is also owned by Lloyds Banking Group, will bring in the same rule.
Many older borrowers have encountered difficulties getting approval for a mortgage because the largest banks have strict rules on lending into retirement. At present only building societies lend to people over 75.
I just hope that the workplaces in the UK are going to be made age-friendly for this group of older mortgage payers. Dick Stroud