The Sunday Times - Silver linings for customers as banks raise the age barrier
Older people are getting better access to more products
Rising life expectancy, working longer and new rules on flexible access to pensions are creating a more active generation of older customers seeking the best financial products — but finding out which banks and insurers will treat them well is not easy.
Financial services companies have traditionally been sniffy with pensioners seeking mortgages and even opening a basic current account. On Friday, Santander lowered the maximum age for customers taking out interest-only mortgages to 65 — down from 75.
Aaron Strutt of the broker Trinity Financial said: “Getting a mortgage if you are an older borrower has got more challenging as the lenders have continued to tighten their acceptance criteria. The market is complicated and you will often need to shop around to find someone willing to lend. Having a provable income helps, and proof of pensions and investments.
“Unfortunately, investments need time to mature. As a result, more borrowers do not qualify and need to take a shorter mortgage term.”
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