Vida has raised the maximum age it lends to 80 from 70 years at the end of its mortgage terms.
The specialist lender has also extended its maximum potential mortgage term to 45 from 40 years.
The firm says it will consider lending to an applicant’s 80th birthday based on their current income where all of the following apply:
- The applicant is under 50 years of age
- The applicant is more than 10 years from retirement
- The applicant is contributing to a pension scheme
A number of lenders have lifted the maximum age they will lend to at the end of term, or the length of their loans recently, as higher mortgage rates put households under pressure amid rising living costs.
Last week, Aldermore raised the maximum age that borrowers can lend on home loans until the end of their mortgage term to 75.
In August, HSBC for Intermediaries announced it was extending its maximum mortgage term from 35 years to 40 years.
And in July, Halifax lifted the maximum working age used in its mortgage terms to 75 from 70 for employed and self-employed customers.
