The lender said the change would give interest-only customers greater choice in how they manage their mortgage payments.
Santander will extend its interest-only lending age from 65 to 70 from Tuesday.
The lender said the change would give interest-only customers greater choice in how they manage their mortgage payments.
Santander said the change is designed to give interest-only customers greater choice in how they manage their repayments.
Miguel Sard, managing director of mortgages, Santander UK said: “As a responsible lender, we work hard to support all areas of the market.
“We know that the lending landscape is changing, people are living longer and want access to borrowing into later life.
“By extending the age limit on our interest only mortgages, we hope to meet the needs of this growing customer group, offering them more choice in how they manage their mortgage.
“Interest only may not be right for everyone, but we have seen appetite for Interest only propositions grow in recent years and this change will support customers who choose this method of repayment.”
