Conservatives Crack Down on Mortgage ‘Age Discrimination’
2 minute read
The general election grows ever closer. As each day passes, each of the competing parties are establishing their key values and concerns. For the Conservative party, the discrimination of older buyers trying to obtain mortgages has become a concern for them to hang their hat on. The Conservative party will launch a crackdown on banks who refuse to lend to elderly applicants and pensioners. The movement follows recent changes that will give pension savers far more control of their money, allowing them to invest their pension pots as they see fit instead of being tied into annuities. A review led by the former director of Saga, Dr Ros Almann will see a future Conservative government crack down on what is described as “blatant age discrimination” in the mortgage market. Figures from research conducted by the Telegraph would seem to support this, suggesting that banks routinely deny mortgages, credit cards and loans to older borrowers. Many banks flat out refuse to lend to customers over the age of 65, whilst others have set a limit of 75. Prime Minister, David Cameron said, “We’re taking the country’s leading expert on pensions, on savings, on financial education, and saying that if we’re re-elected she’ll be at the heart of government.” “She will make sure we complete this great revolution where we’re giving people much more power to save, to access their pension, to pass their pension on to their children, because we want to create a real savings culture in our country for everybody. Not for the rich at the top, but for everybody who saves or has a pension.” Whether the Conservatives follow through with their promises has yet to be seen, but Just will be keeping a close eye on proceedings. To discuss your mortgage requirements, get in contact with Just Mortgage Brokers today.