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Halifax ups working age limit for mortgage holders, how do other big banks compare?

Rebecca Goodman
Written By:
Rebecca Goodman

Halifax has increased the maximum working age it requires for a mortgage holder to 75 from its current limit of 70 year old, but how does this compare to other high street lenders?

The increase to 75 is similar to all of the other big UK banks. Halifax told brokers that upping the age would support customers who were still working past the age of 70.

It applies across all types of mortgage and for employed and self-employed workers. The age change also applies to existing customers who may lengthen their mortgage term or transfer to a different deal.

It comes as mortgage rates have soared thanks to successive Bank of England rate rises in the last year and default mortgage rates are at their highest since 2009.

The maximum age at the end of the mortgage term remains at 80.

The increase in maximum working age also applies to existing customers lengthening their existing term as part of a further advance or product transfer.

Halifax said customers should consider if their “occupation is sustainable, and the plausibility of working to their anticipated retirement age”.

“Customers should be able to maintain their income position at the point of application to the end of the mortgage term and understand the risks if this proves not possible,” it added.

Customers requesting a mortgage term that passes the working age of 70 will need to fill in a customer working age form and Halifax will also contact customers about their mortgage term by letter.

Maximum ages for all major lenders

Across the other big mortgage lenders, between 70 and 75 is the standard maximum age for borrowers. At all lenders the minimum age for a mortgage is 18.

  • Barclays has a maximum age of 70
  • Nationwide’s maximum age is 75 (70 for new interest-only borrowers)
  • HSBC’s maximum age for repayment mortgages is the day before someone’s 80th birthday, for fully-funded interest-only mortgages it’s 75 and for non fully funded interest-only mortgages it’s the day before someone’s 70th birthday or their anticipated retirement age, whichever is sooner.
  • Natwest’s maximum age is 75
  • Santander’s maximum age is 75 (70 for interest only mortgages)
  • TSB’s maximum age is 75

At any age, lenders require mortgage holders to provide evidence of their income, especially if they plan to retire when the loan is still outstanding. Some lenders, including Halifax, will require some extra paperwork from customers who have a mortgage that passes the age of 70.