Halifax lowers maximum working age on selected products – Mortgage Strategy

Halifax Intermediaries has lowered the maximum working age from 75 to 70 on selected lending products.

This change will apply to remortgage applications where borrowers are looking to raise additional capital, as well as both purchase and remortgage applications where there is an issue with the overall credit profile of the borrower, or level of credit score. 

Halifax says these changes were made as part of a regular review of its lending criteria. The company stress that it will continue to use a maximum working age of 75 for the majority of its customers and this change would not apply to product transfer of further advance applications. 

It advised intermediaries that if a term past 70 years of age is selected for an application that has this new maximum working age, a corrective action message will show at the DIP stage. 

Halifax Intermediaries stressed that while no further changes had been made customers need to consider the sustainability and plausibility of working to their anticipated retirement age. 

This change applies to applications starting from 18 March.