A breath of Fresh Air for aging Mortgage Borrowers
Smith Partnership, one of largest firms of solicitors in the East Midlands, is encouraged by the range of new mortgage schemes now on offer to both first time buyers and older borrowers – offering a breath of fresh air since the economic downturn in 2007.
The housing market in the United Kingdom is always in the spotlight as a barometer when looking at the state of the world economy. With this in mind, the conveyancing team at Smith Partnership is encouraged to see that house prices have now risen to an all-time record level in 9 out of 10 regions*.
Emily Hampson, Conveyancer at Smith Partnership commented: “The conveyancing department has seen an increased demand to act for house purchasers which is a good indication that the latest house sale figures are accurate, and that the housing market is going from strength to strength.
“Nationwide Building Society recently announced that they were increasing their term to facilitate mortgages for their customers up to the age of 85* – which has been a breath for fresh air for many people who were unable to borrow or extend existing mortgages.
“This is a pinnacle move which reflects Britain’s ageing population, and acknowledges that most of us are now working until the age of 70. The increased age limit significantly improves the affordability of loans for older borrowers.
“Of course, no one likes to be accused of “tempting fate” and it is important to walk that fine line between optimism and realism. However, when the figures are encouraging, and then banks/building societies support this with putting more faith into borrowers, it seems safe to say that things are looking up.”
If you would like anymore information on this or any other legal matter please contact Emily Hampson on 01332 225280.