Opportunity
Homeowner equity in the UK among people over 55 has been estimated to total £2.5 trillion
An Ageing Population in Numbers
12 Million
There are nearly 12 million (11,989,322) people aged 65 and above in the UK
29.2%
of female babies born in 2018 will
survive to the age of 100
2.1Billion
Estimated global population aged 60 years and over in 2030
The story of the UK’s Ageing Population
Through the latter half of the 20th Century, the UK population has been steadily getting older and this trend is projected to continue into the future. In 2016, there were 11.8 million UK residents aged 65 years and over, representing 18% of the total population – 25 years before, there were 9.1 million, accounting for 15.8% of the population.
Looking ahead 25 years to 2041, the 1960s baby boomers (aged in their 50s now) will have moved into older age and by 2066 there will be a further 8.6 million projected UK residents aged 65 years and over, taking the total number in this group to 20.4 million and making up 26% of the total population.
This increase in numbers is broadly equivalent to the size of the population of London today. Population aging is a global phenomenon.
Source: ONS 2018
Since the start of the 19th century, the UK has seen mortality rates decline and life expectancy increase.
It is projected that 23.4% of male and 29.2% of female babies born in 2018 will survive to the age of 100.
Source: Age UK and ONS 2018
Hundreds of thousands of people are mortgage prisoners, unable to switch due to their age
Since the global financial crisis most lenders have implemented strict criteria, meaning older borrowers without full time employment are unable to refinance existing loans, move and apply for new mortgages
Many people move into retirement held as “mortgage prisoners” trapped in expensive deals or face their existing interest only mortgages maturing with the lender, pressuring them to sell up and repay their mortgage.
Most would simply prefer to keep an interest only mortgage to maintain their quality of life.
Releasing equity to help their families or to simply enjoy a carefree retirement
Many lenders have turned their backs on older borrowers, even when they have proven long-term pension income.
The lending criteria used by many lenders, often focuses on employment, and it is therefore suitable for younger borrowers. They do not take account of the changing economic and social realities of more mature borrowers aged over 50.
People are working longer, with many still earning some form of income way beyond a “traditional” retirement age. They may have additional income from private or state pensions and other assets. And many of them have been successfully servicing a mortgage for years. We believe they are actually less of a risk than younger borrowers, with a long-standing credit history and secure income.
Through our partnership with UK’s only lender focused solely on later life lending, now they can….
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