The Sunday Times - Banks trap the over-60s with block on mortgages
Millions of people in their sixties and seventies risk becoming trapped in their homes or being forced to downsize because banks are refusing them mortgages.
It has become harder for pensioners to remortgage or take out new loans as well as to “port” deals if they want to move.
About 10% of homeowners aged 65 and over still have mortgages, according to the insurer Aviva. Aaron Strutt of the mortgage broker Trinity Financial said: “A few years ago, if you were 55 or 60 you would have been able to get an interest-only or repayment mortgage to the age of 75 or older with a high street lender. But now, being 55 means you would often struggle to get a term longer than 10 or 15 years.”
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