The change will apply to all applications to Halifax, Lloyds and Scottish Widows Bank which are received from Monday and includes mortgages, further advances and product transfers.
Currently, the maximum age at the end of the mortgage term is 75. Halifax will update its affordability calculations to reflect the maximum age of 80. Joint applications will use the age of the oldest applicant as the maximum age.
Any borrowing extending beyond retirement age will continue to require evidence of anticipated retirement income following the existing process.
The lender has also added to its list of approved new-build warranties. It has reinstated Buildzone as an acceptable warranty provider.
Q Assure Build, Global Home Warranties, International Construction Warranties, Advantage HCI and Protek have also been added to the approved list.
