The Telegraph - Older home owners struggle to switch to new mortgage - September 2013

by Aaron Strutt

Sep 30 2013

Older home owners are finding it increasingly difficult to remortgage or move house as more lenders cap the maximum age on new home loans.

Aaron Strutt of mortgage broker Trinity Financial told The Telegraph: "The building societies are being inundated with applications from older borrowers and are turning away a high number because they can pick and choose which customers they want."

Home owners with an interest-only mortgage have been hit particularly hard by the changes, he added. "Older borrowers who are coming to the end of an interest-only deal and cannot repay the capital are struggling to remortgage," Mr Strutt said. "Many are being forced to sell other assets - or their homes - in order to pay off the debt because they can't get a mortgage with a long enough term to make the repayments affordable."

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September 29, 2013