During a panel debate, George Osborne’s decision to remove the stipulation that pension holders must purchase an annuity was raised and Rickards said the use of age restrictions had to change.
He said: “Upper age limits are certainly a hot topic particularly when you consider the majority of landlords are in it for the longer term.
“That is something without a doubt we will change. And it has to.”
The Mortgage Works was the first lender to remove its upper age restriction last week choosing instead to add a maximum age on application of 70-years-old.
Doug Hall, managing director of 3mc, said he wanted to see more mainstream lenders change their criteria to remove maturity caps.
He said: “We get a lot of clients coming to us in their late sixties and early seventies having been told to move on by their existing lender because of their age but at the moment the options are very narrow.”
