Saga - What you need to know if you still have a mortgage in your 50s
Existing borrowers in their 50s can be trapped into repaying mortgages with higher interest rates, as cheaper deals for older people become hard to find. Holly Thomas reports.
Getting a mortgage is more challenging than it used to be and the lenders have certainly tightened their acceptance criteria for older people in the last few years.
Aaron Strutt at Trinity Financial said: "Banks and building societies typically don't want to lend into retirement, so they will often asked for the mortgage to be repaid by your 70th or 75th birthday."
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