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CML News & Views article - Pension tension: the challenges for older borrowers PDF Print E-mail
Friday, 19 June 2015

Today’s article looks at the challenges in retirement borrowing.  It’s an issue driven by the UK’s ageing population, changes in lending patterns, consumer demand and pension reform.

The article distinguishes between borrowing into and in retirement.  The former is growing, with more than one-third of mortgages advanced not due to be fully repaid until after the borrower’s 65th birthday.  In contrast, the number of loans taken out by people in retirement is tiny and falling.  They account for less than 1% of the total, and are either lifetime mortgages, or loans to move home or remortgage.
There is growing demand to meet the needs of older borrowers, but consumers need the right kinds of product to give good outcomes.  There are regulatory issues, and pension reform gives consumers more choice but may make their choices more complicated.
Retirement borrowing is an agenda for our times – and the CML wants to be at the forefront of the debate. 

(Source - CML News & Views)


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