No sooner do I comment on the FCA addressing the CML about the needs of older borrowers than the Building Societies Association publish a new report with recommendations. The major one, to do with age limits, is set out below, and would be an immediate help, while the others are more aspirational, perhaps. Possibly the most interesting is the last - working towards a mortgage which adapts to the different stages of a person's life - something for the long term financial market, perhaps?
The building society sector has committed to review its maximum age limits for mortgage borrowers, as one way to better support those needing mortgage finance into and in retirement. This action is one of nine recommendations contained in an interim report entitled Lending into Retirement, launched today at the BSA Annual Lunch. According to innovation charity Nesta, the life expectancy of the UK population increases by five hours a day so this report reflects a major societal shift as our population ages.