When I’m 85…

How old is too old for a mortgage? Well, the upper age limit to pay off a mortgage is now 85, according to the Nationwide.
The building society has raised the ceiling by 10 years due to ‘increasing demand’.
With many homeowners traditionally taking out a 25 year capital repayment mortgage, this means a new applicant could successfully apply for a home loan at the age of 60.
Meanwhile, the Halifax has lifted the cap to 80.
It is another sign of the rising demand for housing. While some analysts have concerns, it may actually have some benefits particularly as the age profile for first property purchases has risen; many people are now unable to afford their first home until they are in their thirties or forties.
In addition, there have been concerns more recently about it becoming tougher for middle-aged buyers to secure a mortgage.
The new age limit could be a godsend for both of these groups, whilst also potentially injecting a little extra movement into the market.
It also reflects the trends towards longer life expectancies and the steady rise of the state retirement age.
Nationwide and Halifax both insist they will manage the new mortgage applications in a prudent way to ensure borrowers can afford the repayments.
Nationwide has also set a maximum loan size of £150,000, which must be no greater than 60% of the property value.
The developments come as the new house prices index from the Halifax showed that the property market remained steady. You can read more here: www.bbc.co.uk/news/business-36243871
Growth rose by 9.2% in April 2016 compared to April 2015. That compares with an annual 10.1% rise for March and comes after the rush to beat the new stamp duty tax rates for buy to let and second homes at the start of April. You can read more here: www.bbc.co.uk/news/business-36245756
The next interest rate decision by the Bank of England is tomorrow, May 12, although it is highly unlikely that we will see a rise from the historic low of 0.5%. You can read more here: www.bankofengland.co.uk/Pages/home.aspx
Indeed, some commentators have suggested we may see a further cut in rates depending on the EU referendum result. We shall wait and see!
We’re still seeing demand rise for our wide range of land and property surveys, highly-rated architectural design and property related services.
Don’t forget to read all of our latest news and blogs on our Facebook page, follow us on Twitter under @McAndrewMartin and connect with us on LinkedIn.
You can also call us on 02392 697193 and email us on [email protected].

How old is too old for a mortgage? Well, the upper age limit to pay off a mortgage is now…

6th February 2024

A Dynamic Collaboration in Topographical and Utility Surveys

In light of the critical importance of precision and accuracy in the world of land development, McAndrew Martin places great emphasis on the pivotal role that comprehensive surveys play in laying the groundwork for successful projects. Presently, some of our key members are actively engaged in on-site topographical, utility, and…
25th January 2024

Piloting the Company Drone

During a recent survey at a site near Canterbury, our apprentice building surveyor, Josh O’Leary, was accompanied by our experienced surveyor and drone pilot, Rob Graham, as part of Josh’s learning and development plan. Together, they piloted our company drone through a demolition site assessment, shedding light on the remarkable…
13th December 2023

New MML strapline

The MML website has been refreshed and updated, making it more user-friendly, informative, and inviting. Work hasn’t stopped and it will continue to evolve and showcase our capabilities and achievements, along with our latest news.    The new MML strapline was launched on Friday 15th December 2023. “Critical Service Solutions…
5th December 2023

McAndrew Martin Ltd is very pleased to announce that Luis Correia has joined our team

Luis is an extremely accomplished, creative, and innovate Chartered Structural Engineer. With over 16 years in the industry, he is driven by architecturally-led buildings and has been exposed to a variety of scales, typologies, and sectors (residential, commercial, transport and energy). This has led to extensive experience of working in…
28th November 2023

Congratulations to our BIM Co-Ordinators

Congratulations to Siddarth Bhonsle, Senior BIM Co-Ordinator (right), and Akshayaraj Bathala, Junior BIM Co-Ordinator (left), for successfully completing their Master’s Degree in ‘BIM in Design, Construction, and Operation’, at the University of the West of England – Bristol on Friday, October 24th, 2023. Their expertise will significantly enhance the documentation…
28th November 2023

RAF Leadership & Team building Day at RAF Cranwell, OASC.

McAndrew Martin was one of several companies, along with a Welsh fire service, that took advantage of the offer for Leadership and Teambuilding training by the RAF. The training took place at the Officer and Air Crew Selection Centre (OASC), RAF Cranwell, near Lincoln. Despite the distance, it proved to…
21st November 2023

Warsash Wasps Sponsorship

McAndrew Martin Ltd is delighted to have sponsored The Warsash Wasps, U9 Girls’ football team. We’ve supplied them with training tops and waterproof jackets to support their training during the colder and wetter weather conditions. We extend our best wishes for their success and look forward to continuing our support…
14th November 2023

Remembrance Weekend

On this Remembrance weekend, November 2023, members of the McAndrew Martin Family honoured and remembered those who made the ultimate sacrifice for our freedom. On Saturday 11th November, Rab Bailie, Tina Davies, Tara Payton & Pauline Hatchard took part in the inaugural Southampton Poppy Walk around Royal Victoria Park near…
9th November 2023

Insights from PROCUREX Wales

In today’s rapidly evolving world, it’s imperative for industries to come together and explore ways to reduce carbon emissions and foster sustainable growth. Recently, some members of our team had the privilege of attending Procurex Wales, an event that promised to shed light on cutting-edge strategies in this critical domain….