Remortgage deals for older borrowers are hard to find.
UK banks are refusing to approve remortgage deals for older borrowers.
Many older home-owners looking for a competitive remortgage deal are finding it difficult to source an offer without a great deal of expert help.
A recent report has highlighted the fact that an increasing number of older home-owners are struggling to remortgage because UK lenders have become risk averse since the credit crisis.
If you are an older home-owner and you are looking to remortgage contact Deal Direct for impartial advice.
Many lenders now routinely refuse loans which stretch beyond retirement.
Some banks no longer lend to existing home-owners who are in their sixties. Some are even reluctant to lend to home-owners in their fifties, if the required mortgage term goes beyond retirement age. Lenders are now more frequently requesting details of pension provision.
UK lenders say that they must be careful about riskier lending, especially where a home-owner's income is due to drop upon retirement.
The FSA advises that it supports lenders taking this position as it feels remortgage deals in retirement are a bad thing.
Many older home-owners who took out an endowment or interest-only mortgage deal, are facing retirement still paying their mortgage due to either having no repayment vehicle in place, or poorly performing endowments or pensions.
Looking for a remortgage deal?
Contact Deal Direct for advice and a quote.
