Furthermore, the study found that this figure dropped to 2% for those over 80 and goes to show that age discrimination in financial services needs to be addressed, says the lender. [1]
CEO of LiveMore, Leon Diamond said: “The findings of our survey, in particular the mortgage questions, were quite shocking. Only 4% of over 50s and 2% of over 80s think they can get a mortgage and that is not the case at all.
“There are more than 25 million people over the age of 50 in the UK and for financial services firms to discriminate against such as large age range is wrong.
“Many people, whether they are in their 50s or 80s, are quite capable of servicing a mortgage. They have pensions and other assets such as investments, which are all valid forms of income but too often lenders ignore this.
“At LiveMore we look at all income, not just salary, and our oldest customer was 92 when she took out her mortgage with us.” [1]
