London country Love Software Banned London

Couple banned from getting a mortgage because they're 'too old'

Reading now: 645
manchestereveningnews.co.uk

A couple were refused a mortgage because they were 'too old' - despite one of them being below the retirement age. What they didn't realise was that many lenders have an age limit on who can get a mortgage, and it's sometimes lower than people realise.

A small number of lenders, mostly small regional building societies, have no age cap, according to mortgage broker software Criteria Brain.

However, most lenders have a limit ranging from 55 to 85 years old. This means older borrowers face restricted options, and many are unable to get mortgages due to their age. READ MORE: Universal Credit could be scrapped and all adults given £164 a week instead If that was not bad enough, many mortgage lenders also do not accept pension cash for paying off mortgages - further battering older borrowers.

One couple who struggled with this system are Gary and Elizabeth Das, 71 and 62. The pair had a dream of moving from London and buying a house by the sea in Cornwall.

Read more on manchestereveningnews.co.uk
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA