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Older borrowers miss out on good mortgage rates

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Older borrowers could be missing out on the best mortgage rates due to their age, a poll has found.

Saga Personal Finance said 12% of people in their 50s believed they had been refused a better mortgage rate because of their age.

The poll considered the opinions of 6,243 people aged over 50.

Of these, 85% said they felt lending should be based on a borrower’s ability to pay rather than age.

More people are working later in life and the state retirement age increasing, leading to more older people seeking mortgages into their 60s and 70s.

Earlier this year HSBC was rebuked by the Financial Ombudsman Service for turning down a mortgage application based on age.

More than half (52%) of respondents felt the Financial Conduct Authority to make sure all older people are treated fairly by mortgage lenders.

Paul Green of Saga said: “It appears that mortgage lenders are blind to the fact that the world of work is changing.  It simply beggars belief that people are being denied mortgages or forced to pay more for uncompetitive deals simply because of their age.

“This smacks of lazy lending, not bothering to understand your customers and is an another example of the industry not responding to the needs of an aging population.”

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