Tyler Mortgage Management has introduced a new product especially for older customers having trouble getting a loan because of their age.
The company will review the applications free of charge and consult customers aged 50 and above on their chances to be approved for a mortgage. If the consultants see there is a good chance the client would get a loan, TMM will take over their case on a “no win, no fee” basis.
TMM has criticised the way many lenders are treating otherwise creditworthy borrowers just on the basis of their age. The number of mortgage refusals for customers whose mortgages would stretch into retirement is considerable.
“The fact is that many people over 50 years old are being turned down flat when they are perfectly credit worthy and able to pay off their loans comfortably.
“Unfortunately, the front-line staff borrowers have to deal with do not have the authority to make the lending decisions, so most applicants are turned down. We are able to deal with more senior underwriters at the lenders who take a more common sense approach and this means our success rate is very high,” Simon Tyler, managing director of TMM says.
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