Aldermore has increased its maximum age criteria, meaning that clients can now borrow up to age 75 or their declared retirement age, whichever is lower, for capital repayment mortgages.
This change will give people the option to spread their payments over a longer term, supporting affordability and the current cost of living pressures.
The applicants must be 55 years or younger on application and the rules will continue to apply to the eldest applicant for joint applications.
Nicola Goldie (pictured), head of strategic partnerships & growth at Aldermore, said: “This has been a challenging year for homebuyers with higher interest rates and increased market uncertainty.
“The changes we’re continuing to make are focused on supporting those who need help in finding the right solution for their needs.”
Nicholas Mendes, mortgage technical manager, at John Charcol, added: “Aldermore has become the latest lender to increase their maximum age criteria, following the likes of HSBC and Halifax earlier in the year.
“First-time buyers and existing mortgage holders are continuing to work for longer and later in life than previously, and seeing a lender like Aldermore reflect that in their criteria is a welcomed addition to the club.”
