Together ups maximum lending age

Robyn Hall

August 9, 2019

Specialist lender Together has extended maximum lending age across its mortgage range to 85 years old.

With the shortest mortgage term offered by Together standing at three years this effectively means borrowers can be as old as 82 when they take out a loan.

Pete Ball (pictured), personal finance CEO at Together, said the maximum age increase would help borrowers such as those working later in life, people needing finance following a divorce or who are in their 50s and 60s and coming to the end of interest-only deals.

He said: “We’re increasing the maximum age at the end of the loan in response to what we see as a growing demand and more lenders need to follow suit.

“The UK has an ageing population who have healthier lifestyles and are working longer but many are surprised and frustrated by how few options are open to them when it comes to securing a mortgage.

“Together can take a common sense view of each application, looking at other sources of income – such as pensions and investments – as well as salaries of people working past pension age.

“Provided the customer can afford their repayments, we’ll consider lending to brokers potential clients in their 60s, 70s or early 80s.”

According to figures released by data provider Moneyfacts in January, there were 1,078 mortgages on the market that allowed the customer to take their loan past their 80th birthday.

Andrew Montlake, managing director of mortgage broker Coreco, said the days of retiring with a mortgage paid off at 65 seem to have been “consigned to history.”

He said: “For those that have a provable income in later life or pension income that demonstrates affordability, there is no reason why they should not be able to extend their borrowing capacity later in life.

“Some do this because they want to use equity to invest, purchase rental investments or various other uses.”


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