Building society sector commits to review maximum age policies on mortgages
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About time too!
This action is one of nine recommendations contained in an interim report entitled Lending into Retirement, launched by the BSA.
The UK already has 11.6 million people over the age of 65. By 2034 it is estimated that around a quarter of the population will be 65 plus. At the same time a potent mix of other factors: From house prices to student debt; the divorce rate to the abolition of the default retirement age, mean that consumers are tending to buy later and go for longer repayment terms.
