Halifax to impose new age limit on thousands of older mortgage borrowers [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
The lender is reducing the maximum age at which it will allow many borrowers to say they intend to retire from 75 to 70 – meaning that in many cases it will not lend to someone older than this limit. It risks forcing thousands of borrowers to reduce the length of their terms in future, increasing their monthly mortgage payments as a result. Darryl Dhoffer, an adviser at The Mortgage Expert, said: ““Halifax appears to be tightening the screws on the very borrowers who need them the most.” The change comes after the bank increased the working-age limits to 75 last summer. Speaking to the Newspage agency, Mr Dhoffer added: “High mortgage rates and shorter terms are a recipe for disaster, pushing even more borrowers into debt and hardship. They only recently extended the term to 75, so to now reduce it back down to 70 seems a bit odd.” Mortgage lenders will typically only allow a borrower to take out a loan for as long as they intend to work, and will ask for a proposed retirem
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