Borrowers with an 85 per cent deposit and good credit histories are being denied mortgages because of their age.
This is according to an investigation from The Telegraph, which cites the case of a couple aged 65 and 77 who are trying to borrow £40,000 to buy a £280,000 property.
According to the newspaper, despite a clean credit history and good income levels, they qualify for a loan from just one lender.
The Telegraph says it receives “growing numbers of complaints” from prospective borrowers who have been turned down for loans because of their age.
This is despite many people waiting longer to purchase a property. The average age of a first-time buyer is now 29, but many prospective homeowners are waiting until much later in life to secure a home.
According to the Telegraph, “lenders appear to be ruling out perfectly sound borrowers based on age alone.” Lenders are “simply not interested because of their age,” the newspaper suggests.
Have you been refused a mortgage because of your age? Let us know in the comments.