Banks and building societies are being urged to reconsider their lending criteria for those in later life after the Chancellor announced changes to the state pension.
Brokers said lenders would need to ‘rethink their lending policies’ after George Osborne announced an increase in the state pension age.
Andrew Montlake, of mortgage brokers Coreco, exclusively told Zoopla: “As it becomes more evident that people will be working until they are older, with a retirement age of 70 no doubt becoming a norm, lenders do need to rethink their lending policies to accommodate this change.
“While there is much regulatory clamour around lending into retirement, the last thing many borrowers need is to be constrained by anachronistic lending policies that do not take into account changes in working practices.”
Lenders have traditionally capped the age at which they will lend to borrowers to a retirement age of around 65 years old. It can be higher or lower than this depending on the individual lender.
The Chancellor said in the Autumn statement that anyone born after 1990 will have to work for five years longer than those today before they can claim the state pension.
It means anyone currently in their 40s or younger will be affected by the move.
Plans to raise the pension age to 67 by 2028 will not change, but under the new rules the age is expected to reach 68 by the mid 2030s and 69 by the 2040s – much earlier than had previously been predicted.
At present, a man can start to claim his state pension from the age of 65 and a woman from 61 and nine months.
How to avoid burst pipes and failing heating systems in winter via Charlie Mullins of Pimlico Plumbers
Ahead of the expected cold spell during the winter months, ‘Plumber to the stars’ Charlie Mullins gives his expert advice to home owners on how to protect their property from winter conditions.
The Pimlico Plumbers founder said: “The winter weather can be very troublesome for homeowners who have not taken the necessary steps to prepare their house for the cold. By following these simple steps homeowners will significantly reduce the chance of encountering problems such as burst pipes and heating systems that cannot handle the adverse conditions.
“Not only will homeowners prevent problems but they will also reduce the amount they spend on heating their home in the long run.”
Charlie’s top tips:
1. In these freezing conditions it is crucial to keep your water moving so that pipes don’t freeze up – running your taps every now and then will help to prevent freezing and could save you a hefty plumbers’ bill.
2. Another great tip that people just don’t think of is keeping your loft hatch open a few inches to let warm air into your loft or roof cavity where your water pipes are, which will help no end in keeping water from freezing.
3. Keeping your heating turned on low when you are out or even when you’re away for a few days or longer. It doesn’t have to be high at all, just 5 or 6 degrees C will do it, but once again if water stays above zero it won’t freeze.
4. Make sure your lagging (thermal insulation) is up to scratch: people think it’s too late to do anything about this now but the forecast says there’s at least a couple of weeks of this weather to come, and his will help keep things warm and save real money.
5. Another winner is to have your loft and cavity walls properly insulated – hot air rises so it makes sense to keep the heat inside the building – remember you paid for it so don’t let it get outside as it puts more strain on your boiler and uses up more expensive gas replacing the heat.
6. Regular servicing of your boiler and radiators: since the recession we have noticed an increase in emergency call outs as people try to save a bit of cash by cutting down on things they think are not important. But it makes so much more sense to spend a little getting your heating system up to scratch. Aside from the safely aspect, It will last longer and will perform when you most need it to.
7. Have a timer installed on your heating system: this will save you money by not running things at full temperature all the time, but at the same time give your house a little boost every now and then to keep things from getting too cold and giving you the sort of expensive problems you can experience when your pipes freeze up.
8. Having thermostatic radiator valves fitted to all your radiators to control individual room temperatures will give you the ability to switch heat off completely in certain parts of your house, thus reducing your fuel costs further, while keeping things roaring where they are needed.
‘While the Shepherds watched their flocks by night, the angel of the Lord came down.’ So the Christmas carol goes. But the Shepherds have also been busy elsewhere.
Indeed, the Shepherds have been flocking to Sheep Street in Winslow in a perfect example of nominative determinism during the run up to the festive period.
Estate agents Hamptons International exclusively told Zoopla it has sold a three bedroom cottage in Sheep Street to a Mrs Paula Shepherd.
But the story does not stop there as the sale of the property was instructed by a gentleman by the same festive surname – who is unrelated to the new occupant.
“It is total co-incidence that instructions to sell the property had been received from a Mr Shepherd.
“We’re thrilled that the Shepherds continue to flock to Sheep Street. The property has exchanged just in time for Christmas and we hope the new owners will be extremely happy in their new home.”
The Buckingham branch of Hamptons International handled the sale of the Grade II Listed cottage.
The property has a nineteenth façade, but is believed to have origins from the seventeenth century.
The historic market town of Winslow is located between Buckingham and Aylesbury, and offers a good range of amenities – including shopping, a health centre, a church, a garage and a selection of pubs and restaurants.
The average price of a property in Winslow is £541,568, up £29,802 during the past year.
Other properties for sale in Winslow:
1. Two bedroom cottage for £189,950
2. Five bedroom detached house for £695,000
3. Five bedroom detached house for £650,000