Arron Dickens
Arron has a degree in Business Administration from Cornwall Business School. He is also an Associate of the Chartered Institute of Credit Management. He writes mostly on matters relating to personal finance.
Obtaining a mortgage or re-mortgage is becoming increasingly difficult and nearly impossible for people approaching retirement age. Notwithstanding the effect of the recent economic downturn, banks have always been much more cautious and less likely to accept a mortgage application from a retirement age customer.
The banks are trying to push lending to first time buyers as are the government with its various first time buyer deals, but there are no schemes to help people of retirement age. The risk factor of accepting a mortgage application from a retirement aged applicant is scrutinised very carefully, due to the earning potential could decrease considerably if they take retirement during the term of the mortgage.
.....
Full Article
