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…

23rd April 2024

Mc Andrew Martin Limited has been awarded a place on the Framework for Worldwide Electrical Inspection & Testing Programme

We are delighted to announce that following a rigorous tender process, Mc Andrew Martin Limited has been awarded a place on the Framework for Worldwide Electrical Inspection & Testing Programme in the Asia region covering a range of FCDO assets in some highly prestigious countries such as Hong Kong, Malaysia…
15th April 2024

A Glimpse into the Minds of our winners of the McAndrew Martin Ltd Staff Awards

As we celebrate the successes of the past year at MML, it’s time to recognise the outstanding individuals who have played a pivotal role in our achievements. Today, we have the privilege of hearing from some of our award winners as they share their thoughts and reflections. Lee Sergeant –…
4th April 2024

Bastion Protects as Partner of the Year

At our recent End of FY Presentation event, MML were delighted to invite our trusted partner Bastion Protects and present them with the award for MML’s Partner of the Year.Over the past 12 months, MML and Bastion Protects have joined forces on over 100 projects throughout the UK, consistently surpassing…
4th April 2024

McAndrew Martin Ltd completes MBO, backed by private equity firm Roycian Ltd

Roycian, the Private Equity firm backed by a portfolio of private investors and family offices, completes £7million MBO of specialist property services business, McAndrew Martin Ltd. Founded in 1989 by Bill McAndrew, McAndrew Martin is an award-winning, multi-disciplinary property services business, with its headquarters in Cosham, Hampshire. The business provides…
21st March 2024

Welcoming Dave Sykes as Director of Security

McAndrew Martin Ltd is excited to announce that David Sykes has joined our team as Director of Security to lead our new Security consultancy business. With 22 years in the British Army in security and intelligence roles, and a further 11 years supporting blue chip clients in UK, Dave brings a wealth…
13th March 2024

McAndrew Martin Ltd.’s Inaugural Staff Awards Ceremony

The inaugural Staff Awards Ceremony, hosted at the Portsmouth Marriott Hotel, marked a significant milestone in McAndrew Martin Ltd.’s history. Employees gathered for an afternoon dedicated to celebrating staff members’ efforts and providing crucial updates on the company’s direction. Here’s a brief recap of the afternoon: Bill McAndrew, our founder,…
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…