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Who are you calling old?

Apparently, 50 is the ‘new’ 40 just as 40 was the ‘new’ 30. So says a generation which seems now to be routinely becoming parents into their 40s, 50 and even, in the case last week of art gallery impresario Dame Julia Peyton-Jones, at the age of 64.

Image of an elderly couple wearing a leather jacket and holding electric guitar

The traditional picture of the slippered, pipe-toking grandad in a zip-up cardigan is now a thing of cartoon history as the grandparents of today appear more in lycra astride a racing bike, launching new businesses or even, across the Atlantic, being inaugurated as the 45th President of the United States.

We have entered the age of the aged. People no longer get old, they become ‘experienced’.

In 2014 the average age of the population in the UK exceeded 40 for the first time and, according to a report by the Resolution Foundation think-tank, by 2040 one in seven Britons will be over 75.

And as the baby-boomer generation enters retirement, the UK reaches a demographic turning point when 2017 will see the ratio of non-workers to workers start to rise again for the first time since the early 1980s.

Yet with all this health and vigour about in the later generations, mortgage lenders prepared to contemplate a 25-year mortgage which will expire after age 65 are in the minority. So if you’re 40 now, tough luck.

Unlike other lenders, here at the Family Building Society we look at a borrowers’ individual circumstances, not just their age. This flexible approach allows us to lend to those in their 60s, 70s and even 80s. And because all of our mortgage deals are underwritten personally, and not by a computer, we have the discretion to deem when someone who has a regular secure pension income, for example, is eligible. Of course there are some potential issues that you need to think through with borrowing in later life but we will go through those with you.

So if you thought you can’t get a mortgage, the answer, in a great many cases, is: yes you can.

Call us and see - speak to one of our friendly and highly-trained staff on 03330 140140.

Source: https://www.theguardian.com/uk-news/2017/jan/15/hard-brexit-means-retiring-later-britons-warned

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