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You have a mortgage till 80.

HALIFAX is increasing its upper age limit for mortgage lending to 80 - prompting experts to suggest that other major lenders could follow suit.

The bank - which is part of Britain's biggest mortgage lender Lloyds Banking Group - is changing the age limit from 75 to 80 from Monday, meaning that for new mortgage applications the term will be allowed to run until the borrower's 80th birthday.

Halifax said the move is a response to changing demographics, with people living and working for longer.

In the next five years, the number of consumers aged over 65 in the UK is expected to increase by 1.1 million, according to the Financial Conduct Authority.

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Title Annotation:Features
Publication:Daily Post (Conwy, Wales)
Date:May 7, 2016
Words:111
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