Maximum and minimum age
Each lender sets their own criteria on the minimum age of applicants on application and the maximum age of applicants at the end of the mortgage term. The minimum age can be 18 years. The maximum age at the end of the mortgage term can be 85 years.
Age limits on buy-to-let mortgages can differ from homeowner mortgages. If buy-to-let properties are self-financing. The maximum age of applicants at the end of the mortgage term can be higher than homeowner mortgages.
If applicants are considering extending their mortgage term into retirement age. Or if applicants are retired and want to apply for a mortgage based on retirement income. Providing applicants income is sufficient to support the mortgage payments. Obtaining approval is possible.
If applicants don’t have a pension plan or another source of income to confirm they are able to afford their mortgage repayments in retirement age.The maximum age of applicants at the end of the mortgage term would typically be set between 66 years and 70 years of age. When employment comes to an end.
Mortgages repaid over longer periods will increase the amount of interest applied to the loan balance.
All details need to be discussed before determining the most suitable mortgage term.