Together increases maximum lending age to 85

Together has extended the maximum age it will lend to across its mortgage range to 85.

The shortest term the lender offers is a three-year term, which means a borrower can be 82 when they take out a new home loan, according to Together.

According to research provided by Twenty7Tec, the number of searches by brokers whose clients were aged between 55 and 85 had soared by 22.7 per cent in the past 12 months alone.

Together personal finance chief executive Pete Ball says: “We are increasing the maximum age at the end of the loan in response to what we see as a growing demand and more lenders need to follow suit.

“Together can take a common-sense view of each application, looking at other sources of income – such as pensions and investments – as well as salaries of people working past pension age.”

Coreco director Andrew Montlake adds: “For those that have a provable income in later life or pension income that demonstrates affordability, there is no reason why they should not be able to extend their borrowing capacity later in life.

“Some do this because they want to use equity to invest, purchase rental investments or various other uses.

“Whatever the reason, it is important for lenders to cater to the changing needs of borrowers, and lending past traditional age limits will become more and more common.”



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