A COUPLE was furious after being denied a mortgage on their dream home – because they were “too old”.
Gary Das, 71, and his wife Elizabeth, 62, are repeatedly rejected by big banks – even though one of them has not yet reached retirement age.
The couple are eager to leave their hustle and bustle in London to move into a cozy beach house, but are able to secure a loan due to their age.
Retired consulting physician Gary claims that lenders have rejected their applications, charged high interest rates, or capped how much they could borrow.
And it turns out their maturity is the factor holding the pair back – as most mortgage lenders have age restrictions.
Many do not even accept cash benefits to pay off balances.
That means older Britons can have a hard time finding money to pay for the property, with most borrowers only accepting applications aged 55 to 85.
Gary told the Mirror: “I’d rather live in Devon or Cornwall, as you can see, I’m just desperate to go back.
“At first, I thought getting a mortgage should be simple because I’ve never had a problem before, but this time I see people speaking a different language than me because I’m no longer 35, not even 55. again.
“The arrangement fees and interest rates are high and the amount they want to lend is wrong,” he continued.
“We can’t even afford the garage of the place we’re trying to buy.”
But the 71-year-old man and his wife have been offered a lifesaver by the professional loan company LiveMore, who are focused on providing payment options to people over 50.
Former NHS nursing practitioner Elizabeth added: “If you turn 50 in this country, you can feel like you’re worthless or you’re just stuck in a house and thrown away.
“Other lenders will look at our pension and say, ‘there’s nothing we can do’.
‘WORST TO VIEW’
“We totally snore and everything feels so negative. Luckily, LiveMore is the other side of the equation.”
Finally, after being approved for their mortgage, the duo quickly got moving wheels to secure the move.
They realized they could even rent out their current apartment and still have the home they wanted in Cornwall.
Gary said: “I felt elated, excited when I realized it was possible.
“We’ve always loved to travel but it’s lovely here, especially summer in Cornwall.
“When I looked to the left, there were rolling fields and Canadian geese flying by. It was amazing,” he said.
“Honestly, honestly, we haven’t felt like going anywhere since we moved in.”
https://www.thesun.co.uk/money/property/17465166/turned-down-mortgage-because-too-old-furious/ I was turned down for a mortgage because I was ‘too old’