Halifax to impose 70-year age limit on thousands of older mortgage borrowers

Halifax is imposing a new 70-year age limit on thousands of homebuyers which will lead to higher monthly payments for many. Britain's biggest mortgage lender is reducing the maximum age at which it will allow many borrowers to say they intend to retire from 75 to 70 – meaning that in many cases it will not lend to someone older than this limit.Banks hope this will help them rein in risky lending.

”The change comes after the bank increased the working-age limit to 75 last summer.Speaking to the Newspage agency, Mr Dhoffer added: “High mortgage rates and shorter terms are a recipe for disaster, pushing even more borrowers into debt and hardship. They only recently extended the term to 75, so to now reduce it back down to 70 seems a bit odd.

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