Extending UK mortgage lending age long overdue

11 November 2015

McCarthy and Stone comment: Extending UK mortgage lending age long overdue

Commenting on the Council of Mortgage Lenders report on extending the age for qualifying for a mortgage, Paul Teverson, director of communications at the UK’s leading retirement housebuilder McCarthy and Stone, says:

"The UK population is not only living longer but is staying active and working later in life. With this in mind it simply makes sense to extend the mortgage age limit.

"Those aged 65 and over are now more active and vibrant than ever and, given the large numbers who are looking to move to more suitable accommodation in later life, they also hold the keys to freeing up homes in much needed areas of the housing market. The incentives to make it easier for people in this age bracket to move home shouldn't stop there. Concessions on stamp duty for over 65s will not only benefit movers in this bracket but free up space in the congested housing market chain benefitting younger buyers too. This is what we will be looking for in this month's Autumn Statement."

ENDS

Notes to editors:

McCarthy & Stone is the UK’s leading retirement housebuilder, pioneering the concept of purpose-built, privately-owned accommodation for older people.  With a 70% share of the owner-occupied retirement housing market, the Company has built over 50,000 apartments in over 1,000 different locations, and currently has around 160 developments under construction or for sale in the UK. In November 2015 it opened its 200th managed development, while in 2014, its development at Kirkby Londsdale, Queen Elizabeth Court, won ‘Best Retirement Development UK’ at the UK Property Awards. 

McCarthy & Stone’s Retirement Living and Assisted Living developments offer one and two bedroom apartments across the country in a wide variety of locations, from city centres to rural villages and coastal locations.  Retirement Living developments offer the independence of retaining home ownership while living in an apartment specifically for the over-60s, as well as greater peace of mind and companionship. Assisted Living developments for the over-70s offer all of this, plus a helping hand through flexible care and support packages that make life that little bit easier. 

In early 2015, McCarthy & Stone launched its Ortus Homes offering. Exclusively for over-55s, these bespoke properties are intelligently designed for downsizing to enhance a homeowner’s leisure years.

McCarthy & Stone’s commitment to quality and customer service continues to be recognised by homeowners. For the ninth year running, the Company has been awarded five stars for customer satisfaction in an independent survey conducted by the Home Builders Federation (HBF).