The Cambridge already had a residential age limit of 75 and an 85-year-old limit on Buy to Let mortgages.
Underwriting Manager Louise Goullée said:
“With a manual underwriting process it’s much easier for us to assess applications on an individual basis.
“We’ve been working towards removing upper age limits for some time so it’s great to make this a reality.”
The BSA published an interim report on Lending into Retirement in November 2015 which contained nine recommendations for lenders to consider including reviewing the maximum age policies on mortgages.
Louise said:
“The key priority for us as a responsible lender is, and always has been, to make sure the customer can afford to make repayments on their mortgage and that it is the right solution to their needs.
“We look at each application individually so there’s no reason for age to be a specific barrier to getting a mortgage, remortgaging to release equity or moving into the Buy to Let market.”
The BSA's Head of Mortgage Policy, Paul Broadhead, commented:
"As our interim report Lending into Retirement found, the ageing population is materially changing the demand for borrowing into and in retirement.
“It is encouraging to see The Cambridge and a number of other societies reacting positively and flexibly to this change. It is clear that building societies continue to lead the way in serving a broad spectrum of borrowers’ needs."
