Middle Aged borrowers struggling to take out mortgages – effect of new lending rules ‘a major challenge’

815492_30356691Middle Aged borrowers struggling to meet Mortgage affordability regulations, newly specified in April’s Mortgage Market Review, mean lenders have re-vamped their requirements for loan approvals. Banks & building societies are now considering a borrower’s post-retirement income before sanctioning a mortgage term which ends after the latter’s retirement. Even those who are planted firmly in the black, with sizeable assets and a good income must meet these requirements.

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