Homeowners having a hard time getting a remortgage with their current lender, those expecting to have a complicated remortgage and those hoping to bypass the stress of shopping around for the lender offering a remortgage to meet their unique needs could benefit from the assistance of a remortgage broker.  Remortgage brokers don’t work for a lender but rather they are at work for the homeowner.  They have experience working with a wide variety of lenders and know which ones will work with specific remortgage needs and specific criteria of a homeowner.

It could also benefit homeowners that find themselves older and facing strict lending rules cutting them out of a term remortgage that goes beyond their age of retirement.  Many lenders are now following strict rules about lending to borrowers that seeking a mortgage or remortgage and servicing one that has a life beyond the age or retirement may make the loan unaffordable to the homeowner at that point in life.

Even those not close to retirement can find it difficult to borrow due to having to prove that they have a good retirement plan in place to assist them in the later years of a mortgage term.

Some lenders are putting the blame of their strict lending criteria on the newly established Mortgage Market Review that requires borrowers be checked thoroughly as to their ability to afford a loan even if interest rates increase.  However, the Financial Conduct Authority (FCA) calls discrimination against age a flaw in applying the guidelines.

Linda Woodall of the FCA, said, “There have been reports that older borrowers are finding it more difficult to get a mortgage and that this is partly down to our rules.

“But our rules do not aim to discourage lending to older consumers. Affordability is key. In fact the income of older borrowers such as pension income can be very stable.”

Most likely remortgage brokers would be aware of which lenders are favorable to working with older homeowners looking for a remortgage deal and that could be helpful in finding not only the right lender but doing so in a timely manner.