The firm said that by removing the maximum age limit, it would expand access to later life lending for brokers and their customers and give brokers “greater flexibility to support clients who want to maintain a mortgage into later life”.
Previously, borrowers were required to repay their mortgage by the age of 80.
The change applies to all standard repayment products available via intermediaries, direct and online channels.
The firm said the maximum age of 80 for interest-only deals will remain in place.
According to Criteria Brain, there are only 13 lenders that have no maximum age limit at the end of the mortgage term.
Conversations you need to have with landlords before the Renters’ Rights Act
Sponsored by BM Solutions
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We know that many borrowers are living and working longer, and need more flexible lending options to match their circumstances. Removing the maximum age limit on our standard repayment mortgages opens up opportunities for brokers to better serve these clients, and ensures our criteria keep pace with the realities of today’s mortgage market.”
