The Sunday Times - Banks told to change attitude over loans for older borrowers
The Council of Mortgage Lenders has launched a scathing attack on banks and building societies for their approach to older borrowers — and is calling on its members to sort out the problem.
Moray McDonald, who became chairman of the CML in January, said: “We really need to crack lending into retirement. By just after the end of the new parliament in 2023, 24% of all adults will be aged 65 or older.
He added: “We now have pensioner freedoms, and we need the same freedoms for the mortgage market.”
Aaron Strutt of the broker Trinity Financial told The Sunday Times: “It makes no sense that older borrowers are being declined even though they have guaranteed pensions that likely put them in better positions than many younger, employed applicants.”
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