Banks are bonkers to restrict lending to older borrowers

Thursday 6 November 2014

Saga's Paul Green said "Bankers appear to be bonkers by turning down older borrowers. Age should not be basing acceptance for a mortgage on an arbitrary upper age limit, rather it should be about on an individual's ability to repay a loan.

Banks are bonkers to restrict lending to older borrowers

“Many older people are now working full or part time well into later life, so freezing them out of the mortgage market or leaving them on old expensive deals is not just outdated, it is unjustified age discrimination. Mortgage companies need to move with the times and take a common sense approach or the Regulator will have to take action to compel them to do so."

 

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