A study by the Council of Mortgage Lenders (CML) found more borrowers were looking to lend beyond the traditional retirement age.
It said there are currently over 11 million people aged 65 or over and this is expected to grow to around 17 million by 2034. The mortgage market will need to provide more support to this age group, the CML said.
Saga, provider of insurance and other financial services to over 50s, said that many older homeowners were still being prevented from accessing competitive mortgage deals.
“These latest figures mask the very real issue that many older homeowners are facing,” the firm said.
“While a lucky few may have been able to take out a mortgage to move home at an older age, we’re still hearing from people who are stuck in uncompetitive mortgages who are unable to move to a better deal simply because of an arbitrary age limit.
“It’s simply wrong that on the one hand people are having to adapt their plans to work for longer, but on the other hand the mortgage lenders are failing to adapt to this significant economic shift. Financial institutions need to change. Lending decisions should not be based on somebody celebrating a birthday; it should be about an individual’s ability to pay.”
