Are the over 40s discriminated against by mortgage companies?

[totallyproperty]

There was a report in the UK today suggesting that those over 40 years of age are discriminated against by mortgage companies. On the surface this may look a little discriminatory but is it a sensible risk aversion move by the mortgage companies or are they being too shortsighted?

The fact remains that those over 40 years of age normally have less of their working life left to repay mortgages than somebody in their 20s or in their 30s. However, the employment market of today is very different to that of 10, 20 and 30 years ago. Do you feel that people aged over 40 are discriminated against by mortgage companies?

 

[Veronica]

It is a bit shortsighted if the person in question is able to repay the mortgage. Many people in their 40's and even 50's have more disposable income as their children are no longer reliant on them and also tend to be earning much more than they did when younger.

 

[Ged Ward]

Its all to do with the lenders criteria and their risk controls. As soon as other lenders loosen their criteria all the other lenders follow as they lose business and want to keep profits coming in.