40-something buyers 'too old' for a mortgage

Emma Woollacott
realtor showing a home to a...
realtor showing a home to a...

Recent reforms in the mortgage market are hitting borrowers over 40, with lenders tightening their maximum age limits.

Halifax and Nationwide are now expecting mortgages to be paid off by a customer's expected retirement age or state pension age, whichever is lower. And other lenders, too, are tightening up - though this isn't always made clear.