Greycoat Real Estate reveals that Halifax is putting an age cap on some applicants. In mid-March, the bank lowered the earned income age to 70. Before the cap, the maximum age was 75. 

Halifax says the cap will not apply to most applicants, according to Greycoat Real Estate. Most applicants will still qualify for the original 75 max working age. The cap on the end of mortgage term age will continue to be 80. However, Halifax is not the only lender with a lower age cap. Barclays also has its limit set at 70. 

Nationwide and Netwest are keeping their limit at 75. Greycoat Real Estate says Halifax made the change as part of its review of its lending criteria. 

Like most lenders, Halifax wants to continue being a responsible lender to a wide range of clients. The bank is just being cautious with risky borrowers, states Greycoat Real Estate. 

The capping age should not come as a shock thought. Greycoat Real Estate explains during the application process, lenders often ask about the borrower’s retirement plans. Most lenders have an age in mind where they are cautious about giving a mortgage or any loan. In a way, lenders are trying to prevent people from taking on a loan they will not have the funds to repay.