The FSA has just published a new set of proposals for the awarding of mortgages. To back up these recommendations it released a zillion pages of analysis about every conceivable thing you can think about mortgages and few more besides.
The bell graph shows the distribution of people taking equity release on their property. Looks like the media is about 70. There is a frightening number of people using this way to raise cash who are under 65 years old.
The proposals appear to mean that there will be a crackdown on mortgages being awarded to the over-50s.
A lot of people thought that their property was a money making machine that they could use to fund other capital spending and day-to-day living. The combination of making mortgages harder to obtain and falling property prices leaves a lot of older people in a not nice place. Dick Stroud
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