A lack of understanding of the over-50s market means many high street lenders offer mortgage products with lending criteria unfit for mature borrowers, he claimed.
He said the financial services industry has overlooked a demographic with mortgage potential and the solution to this was greater flexibility in lenders' criteria.
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Affordability criteria that goes beyond a standardised approach has the potential to profit from a previously excluded market.
The current barrier to financial products comes as the cost-of-living crisis makes it imperative that older people have access to financial tools.
sophia.massam@ft.com
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