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Santander to raise age limit on interest-only mortgages


Santander

Santander has revealed plans to extend the maximum age limit for interest-only mortgage lending from 65 to 70.

The bank hopes the change will offer interest-only customers greater choice in how they manage their mortgage repayments, as well as supporting borrowers who want to take advantage of today’s low-rate environment.

The news comes just months after the Council of Mortgage Lenders revealed that the volume of new interest-only mortgages had declined substantially from its peak in the mid-2000s.

Miguel Sard, managing director of mortgages at Santander UK, said: “We know that the lending landscape is changing, people are living longer and want access to borrowing into later life.

“By extending the age limit on our interest-only mortgages, we hope to meet the needs of this growing customer group, offering them more choice in how they manage their mortgage.

“Interest-only may not be right for everyone, but we have seen appetite for interest-only propositions grow in recent years and this change will support customers who choose this method of repayment.”

Santander’s new policy will apply to customers who choose to have any part of their mortgage as interest-only.

In June, specialist lender Together removed the maximum age limit on its buy-to-let mortgages.




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