Mortgages for grannies and grandads!

Following Barclays’ launching the 100 per cent mortgage, stirring up much debate concerning the bank of mum and dad, the Halifax announced that they are increasing the mortgage lending age limit from 75 to 80. A 55-year-old person will be able to take out a 25 year mortgage and have until their 80th birthday to repay the loan. Halifax said, “As demographics and working habits continue to change, 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.” Matthew Graves, Sales Director at Enness Private Clients, said, “Thankfully, attitudes to older borrowers in the mortgages market are changing. “At Enness we once had an 88-year-old client who, in spite of his substantial assets, income and impeccable business records, had been rejected by every lender he approached; we were only able to secure him a mortgage by speaking directly to the underwriters. Someone’s age is not necessarily an indication of how credible a borrower they are and, although this latest development is a step in the right direction, rigid upper age limits should be regularly reviewed.” In the same day, Barclays launched their new 100 per…