The Guardian reported this weekend on a new mortgage deal designed exclusively for the over-55’s, and providing a glimmer of hope for older borrowers who have struggled to secure a mainstream mortgage. Available through a specialist lender, the mortgage is available up to the age of 95, and could provide a useful option for more mature homeowners, including those with interest only mortgages who are approaching the end of their term. As a population we are living and working longer, and experts have highlighted for some time the need for a more flexible approach to lending.
In the Buy to Let sector there was also good news, as the Telegraph revealed that the average 2 year fixed rate has dropped to 3.32%, down from 3.59% at this time last year. Mortgage brokers agreed that the appetite from lenders remains, and while activity may slow in the short term following the introduction of a higher Stamp Duty charge and the impending tax changes, securing the best rates available will help investors to cut their outgoings and soften the blow a little.
Talk of the additional Stamp Duty charge continued in the Times, as experts looked at the impact on the Bank of Mum and Dad, and suggested ways to help in a tax-efficient way, such as paying into a Help-to-Buy Isa.
What the papers said about older borrowers and the Buy to Let market