This resulted in borrowers in their mid-40s or older having a reduced choice of mortgage providers and products.

The move limited the life choices of these individuals, for example limiting their ability to release the equity in their property to help family members onto the property ladder or to help address long-term health needs.

But with the average age of first-time buyers increasing, more and more borrowers will find themselves paying mortgages into their retirement.

The government and regulators have therefore put pressure on lenders pointing out the MMR rules were to ensure mortgages were suitable for those who took on this commitment.

It has been pointed out the MMR cannot be used as an excuse for age discrimination.

Back in May, Nationwide Building Society increased the maximum age limit for mortgages from 75 to 85, giving the society the highest age threshold of any high street lender, and following in the footsteps of similar moves by smaller building societies.

But so far other high street lenders have been slow to match the nation’s biggest building society and increase the maximum age limits on their mortgages.

This guide will examine why lenders are increasing the maximum age limit for mortgages, who should contemplate this financial commitment and how to assess the suitability of later life home loans.

Contributors to this guide: Charlie Blagbrough, mortgage policy officer of the Building Societies Association; Dale Jannels, managing director of All Types of Mortgages; Martin Reynolds, chief executive of SimplyBiz Mortgages; Paul Winter, chief executive of the Ipswich Building Society; and the Council of Mortgage Lenders.