No help for older borrowers

The Sunday Times has claimed that the financial services regulator, the Financial Conduct Authority, won’t help older borrowers, based on comments by the regulator’s boss.

Its new rules on mortgages have led to lenders reducing the age at which they expect mortgages to be repaid, while lenders use the new ‘affordability’ rules to disqualify retired borrowers without earned income. That has meant older borrowers have had great difficulty in finding mortgage loans. The regulator expects mortgage brokers to find loans for older people whose current lenders won’t extend their mortgages.