CHANGES TO MORTGAGE RULES FOR THE OVER-50S

Changes to mortgage rules for the over-50s

Older homebuyers may soon find it easier to get a mortgage after Britain’s building societies pledged to review maximum age limits for borrowers in response to the ageing population and high house prices.  Rupert Jones of the Guardian newspaper explains more here.

 

Steve Jevons of Financial Associates who assists Naylor Powell's clients with their mortgage, and financial planning needs comments on these changes: 

 

“Our ageing population means that this demographic is likely to grow even larger in the future, and it’s important that the borrowing needs of this age group aren’t neglected. 

 

Supporting our ageing population is one of the biggest challenges facing UK financial services. Reports from the Council of Mortgage Lenders show a will to improve the outlook for older borrowers. We wholeheartedly welcome the desire to help more people benefit from their housing wealth in later life.

 

Different lenders have different criteria for certain age groups. An independent, whole of market mortgage adviser would be able to search all lenders to find the right deal for your specific needs and circumstances.”

 

For further information or advice on these changes please call Steve Jevons on 01452 912357.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Depending on your circumstances a Mortgage Adviser may charge a fee for mortgage advice. A fee of typically £475 is usually charged for mortgage arrangement. Any fees will be discussed and agreed at the outset.

 

Naylor Powell

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