Maximum Age For Mortgage Increased By Barclays
This morning, Barclays Mortgages has announced a new set of age-related criteria for its residential mortgage offerings, hoping to simplifying the mortgage application process for older borrowers. The changes, establish new guidelines for maximum age limits, retirement income requirements, and application reviews, with a maximum mortgage maturity age set at 80 years old. In this article, I will explore the maximum age for mortgage applicants outlined by Barclays, and some more of their interesting new criteria.
New Maxim Age For Mortgage and Retirement Income Requirements
Effective immediately, the updated policy sets an age cap of 80 on residential mortgage applications, meaning borrowers will not be eligible for a mortgage that matures beyond their 80th birthday. Additionally, for applicants approaching retirement, Barclays has introduced a maximum retirement age of 75 for residential mortgages. Should an applicant require income for affordability calculations past the age of 75, they must provide evidence of pension income, unless there is a younger applicant whose income meets the mortgage affordability criteria.
Streamlined Review Process For Borrowers Over 70
The new criteria also outline specific measures for applicants whose mortgage term extends past the age of 70. In certain cases, Barclays may require an underwriter to review applications to assess the plausibility of affordability at an advanced age, though the bank anticipates that this review will apply only to a minority of cases. For most applicants, these new guidelines are designed to provide a smoother, more straightforward mortgage application experience, reducing delays and simplifying requirements.
Speak To A Mortgage Advisor
Wrongly, many people assume that mortgages are a younger persons game, when in fact many older people need a mortgage just as much as younger people. Things like remortgage, equity release, and product transfers are all things that are becoming increasingly more available to older borrowers. If you or anyone you know is needing a mortgage as an older person, then please do feel free to give our team a call today. We are here to help.
