SAGA slams mortgage 'age discrimination'
Following the report from the Intermediary Mortgage Lenders Association published yesterday that claims even those in their forties are having trouble getting a mortgage, Saga expert Paul Green has called the situation 'crazy'.
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The report showed that fears of a future clampdown by regulators are preventing mortgage lenders from offering loans that stretch into people’s retirement, which is resulting in older borrowers being frozen out.
Green said:
"The latest news that even those in their 40s face difficulties with obtaining or moving their mortgage deals because of their age shows just how crazy financial firms have become. People in their 40s can already see their parents having to work to far beyond 65 now, so the chances of them being able to settle into retirement at such a youthful age are going to be unheard of. Freezing them out of the mortgage market or leaving them in expensive deals is another example of unjustified age discrimination. Banks need to move with the times and base lending decisions on ability to pay not on arbitrary age limits".
