The older generation is growing fast yet they can face certain obstacles to borrowing. The Marsden offers conventional mortgages for those approaching or in retirement that are an alternative to equity release.
The picture by 2020 highlights a growing need as the older generation increases
With the 55+ generation looking to double by 2020 and 1 in 5 people carrying debts into retirement brokers are going to be dealing with more later life borrowers in the coming years.
Why are +55’s looking to borrow?
We’ve found that later life borrowers are usually asset rich with high income whether that’s pension or earned and are often looking for an alternative option to equity release as they are able to make repayments.
Considerations around product term, legal fees and client circumstances are key concerns for this audience when looking to borrow money.
What else to look out for
We understand that circumstances are different based on the individual borrower but we have noticed an increase in situations where:
- The borrowers are asset rich and have high income and are looking for a solution to borrow on their home.
- Clients who have an interest only mortgage and are approaching retirement. If they want to remortgage and stay in their home, they’re looking for a solution to do so.
There is a growing number of clients who are looking to release money from their home in order to provide a first time buyer deposit for their children.
Right Mortgage Network
Your BDM, Tina Panayi
Telephone: 07970328045
Email: k.panayi@themarsden.co.uk
Tina has over 19 years of financial services experience and has worked for the likes of Halifax, Bank of Scotland and BM Solutions. Give Tina a call and pick her brains on our products and criteria or run a case by her to see if we can help.
Or get in touch with our Intermediary Support Team on
01282 440583*
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