Growing numbers of older borrowers are struggling to remortgage as lenders have become increasingly risk averse since the credit crunch. Brokers are reporting banks refusing to lend to some borrowers in their 60s and even in their 50s if the loan stretches beyond traditional retirement age. Lenders are increasingly asking to see extensive details of pension provision. Previously, lenders did not dictate a maximum age at the end of a mortgage term provided the loan was affordable.

For some older borrowers the problem is interest-only mortgages, according to Caroline Burke, mortgage manager at broker largemortgageloans.com.‘The banks are concerned about the rising number of existing borrowers contacting them on reaching retirement age who have only interest-only mortgages and no repayment vehicle – because endowments and pensions have not performed,’ she says.....Read more here: Banks refuse mortgages for older borrowers as they become increasingly risk averse | This is Money