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Newbury Building Society is increasing its upper age limit for mortgage lending to 90, meaning that for new mortgage applications the term may be allowed to run until the borrower's 90th birthday.
This change is in response to changing customer demographics, with people living and working for longer. The Society previously had a maximum 80 year age limit in place for mortgage maturity - but it will increase this by 10 years from this week, as part of wider efforts to offer borrowers greater support in retirement.
Roger Knight, Lending Manager at Newbury Building Society, said: "We continually review our products and policies to ensure they reflect the evolving needs of our customers, including those who wish to continue working longer."
"As a responsible lender, we need to make sure mortgages are affordable to customers across the term of their entire loan – we review applications on a case by case basis, and consider a range of income types. This will also assist many retired borrowers who have found that, for whatever reason, they have not been able to repay their mortgage as quickly as they would have liked.”
An ageing population, with people working for longer, is one of the biggest features of Britain's recent demographic changes.
If you would like to talk to one of our qualified mortgage advisers please contact us today on 01635 555777 or request a call back.