Figures show 82 percent of over-55s are unable to obtain a traditional, retirement or lifetime mortgage when they make an application. A major cause of the growing problem is stringent affordability criteria that penalises people who have taken advantage of the 2015 pension freedoms which allow them to "drawdown" from their pension pots. But this income is disregarded by lenders who rely solely on the lower guaranteed income of any surviving spouse.
Mortgage: Borrowers looking to cut mortgage costs urged to check this
The mortgage rules could affect millions of over-55s.The analysis from retirement mortgage specialist Responsible […]
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