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Retirement borrowing - we could do better, even if we can't do perfect PDF Print E-mail
Wednesday, 30 September 2015

In a new blog post today <> , CML chairman Moray McDonald looks at what has been done by lenders, builders, the government, regulators to help older borrowers.  His report concludes: could do better!

The challenges associated with retirement borrowing have grown with larger numbers of borrowers taking out their first mortgage later in life and more people borrowing over a longer term.  Some may get help from the bank of mum and dad – but that doesn’t necessarily work well, Moray argues.   Few older borrowers move, and so opportunities to recycle housing assets and release equity may not emerge.  And greater uncertainty about retirement age and income – and new pension reforms – have made the picture more complicated.
He finishes with a hypothetical question: what if a solution to the challenges of retirement borrowing delivered a great outcome for 98% of older customers, but 2% had to sell to settle their debts?  Would that be a net benefit to society, he asks, or would the focus be on the 2% – with all the reputational  consequences for lenders that we can imagine?

(Source - CML News & Views)


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