The bank has upped its maximum age from 70 to 75 years old.
Aldermore said its criteria change will support borrowers’ affordability and help households manage the current cost of living pressures.
Borrowers must be 55 years or younger when they apply for a mortgage. The rules will apply to the eldest borrower on a joint application.
The affordability assessment will continue to be based on borrowers’ paid earnings and any retirement income they already receive.
Nicola Goldie, (pictured) head of strategic partnerships and growth, 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.”
Mortgage broker Nicholas Mendes of John Charcol added: “First-time buyers and existing mortgage holders are continuing to work for longer and later in life than they previously were. Seeing a lender like Aldermore reflect this lifestyle change in its criteria is a welcomed addition.”
