Following a recent report by the Building Societies Association, the Times revealed this weekend that around 30 lenders have pledged to reassess their criteria on maximum age limits. This will be welcome news for older borrowers, who have found their options more limited over the last couple of years since the FCA’s Mortgage Market Review. The Financial Times highlighted recent figures from the Office of National Statistics, which suggest that there will be 51% more people over the age of 65 by 2030 than there were in 2010, so it is clear that lenders will need to adapt to the needs of a changing population.
The Telegraph looked at the plight of the Buy-to-Let landlord, suggesting that 75% of investors are likely to increase rents over the next couple of years in light of the upcoming changes to tax, introduced in this summer’s Budget. Perhaps as a result, property agents have been reporting a surge in interest for holiday lets, which will not be affected by the new tax.
Elsewhere, the Independent reported on a new ‘Joint Equity’ scheme, which will allow private tenants to buy 50% of a property with a 5% deposit, with the rest backed by bondholders. Experts called the new deal ‘interesting’, but highlighted the fact that issues can arise if someone wants to sell before they have achieved full ownership of the property
What the papers said about mortgages for older borrowers