There has been a considerable increase in the number of options for mortgages for those aged 55 and older.
This represents a swing of the pendulum. Up to now lenders had been making it more difficult for older borrowers by restricting the maximum age they would lend to and tightening their calculations on how much they would lend. However this situation has been changing slowly, and these new options now give a number of ways for those in a mortgage trap to escape.
Changes have occurred in all three types of mortgages – standard residential mortgage and re-mortgages, buy-to-let mortgages and lifetime mortgages.
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