You are here: Home - News -

NatWest reviewing maximum age limit but no change imminent – video [5:06]

by:
  • 23/01/2019
  • 0
NatWest reviewing maximum age limit but no change imminent – video [5:06]
NatWest has revealed it has been considering raising the maximum lending age for its products but it wants to see how changes to pension and lifestyles affect customer behaviour before doing so.

 

Speaking on Mortgage Solutions Television, NatWest senior corporate account manager David Toulson said the lender appreciated it was a huge growth market.

“It’s something we’ve been actively assessing and reviewing, but we don’t have a timescale of any decision as such,” he said.

“However, there’s a lot of things to consider taking into account partly due to the recent pension reforms that have been implemented.”

He added that NatWest would like to see how this develops as people utilise the ability to draw down lump sums from their pension pot.

 

 

Not a lot of training

Also speaking in the debate, John Charcol product technical manager Nick Morrey questioned whether brokers had the right support and knowledge to be advising on the whole range of later life products.

“Retirement Interest Only has come in with a little bit of fanfare, but not a lot of training or support may have been provided by some broker [firms] and the brokers themselves are now facing a challenge,” he said.

Last month NatWest announced it will direct interest-only customers aged 55 and above who are at the end of their mortgage term and unable to repay their loan towards Legal & General Home Finance’s lifetime mortgage range.

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Decade-long mortgage rates plunge to average 3% – Moneyfacts

Mortgage rates on 10-year fixes are now at an average of just 3.05 per cent, analysis has showed.

Close