Older Borrowers have been highlighted by The Council of Mortgage Lenders who have called for more to be done to help people who want to borrow in retirement.
With an aging population and housing shortage for older borrowers, it is sometimes hard to access mortgages and other financial products due to their age.
In a report the CML they say that older borrowers face issues when it comes to borrowing face issues, and that they are complex and interconnected.
Calls from the CML want to see the industry, regulators and government to take on board a number of calls to action they have highlighted in the report.
It seems the key message is that improving this market in a meaningful way requires significant collaboration both inside and outside the mortgage industry.
Paul Smee, Council of Mortgage Lenders Director General said;
“There is no silver bullet to address the complex issues involved in the housing and financial needs of older borrowers.”
“But it is hugely significant that so many willing participants from across the mortgage industry and beyond are now collaborating to try to put this jigsaw together.”
“We should push forward on the more straightforward issues such as improving advice hand-offs, using the Pension Wise trigger point to address housing and debt issues.”
“We also need to be focusing on good product design, and a regulatory focus on avoiding negative unintended consequences on retirement borrowing.”
Enthusiasm to help resolve the issues surrounding Older Borrowers
“A truly holistic approach will take longer to emerge. However, there is enthusiasm to work together to address the issues.”
“We must maintain this momentum. Through collaboration, we should aim for consistently good advice, sensible housing solutions, and products that offer the financial outcomes that many older consumers are looking for, without disproportionate risk to lenders and advisers.”
