Halifax will increase the maximum working age it uses for earned income from 70 to 75 years of age from tomorrow.
In a note to brokers, the lender said this would support customers who are “willing and able to continue in their current occupation beyond 70”.
The maximum working age is available for employed and self-employed customers and the lender said it would not exclude any occupation types from the increased working age.
The maximum working age is available for capital and interest repayment mortgages and if lending extends beyond the age of 75, then affordability will be based on future retirement income.
The maximum age at the end of the mortgage term remains at 80 years of lending.
The increase in maximum working age also applies to existing customers lengthening their existing term as part of a further advance or product transfer.
Halifax said customers should consider if their “occupation is sustainable, and the plausibility of working to their anticipated retirement age”.
“Customers should be able to maintain their income position at the point of application to the end of the mortgage term and understand the risks if this proves not possible,” it added.
Customers requesting a mortgage term that passes the working age of 70 will need to fill in a customer working age form and Halifax will also contact customers about their mortgage term by letter.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
