Motgages for over 60s could be harder to obtain due to lenders tightening their lending policy.
Mortgages for over 60s could be harder to obtain due to lenders tightening their lending policy.
For instance Accord Mortgages, the dedicated Intermediary only subsidiary of Yorkshire Building Society, have recently announced a change to their interest-only policy which restricts lending on a repayment basis to applicants lending into retirement.
Mortgage applicants aged over 60 who have valid repayment methods such as ISA's and Endowment policies could find they have to take a repayment mortgage over a short term of 5 to 10 years. In some cases this may mean the mortgage is not affordable, particularly if they maintain their contributions to their investments.
This could result in some mortgage applicants aged 60 and over finding it difficult, to get a mortgage and move home or remortgage to a lower rate.