Al Pinkerton
Main Page: Al Pinkerton (Liberal Democrat - Surrey Heath)Department Debates - View all Al Pinkerton's debates with the HM Treasury
(1 day, 23 hours ago)
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Emma Reynolds
I am really sorry to hear about the circumstances that my hon. Friend’s constituent is facing, and I would be happy to meet her to discuss the issue further. Lifetime mortgages are complex financial products, and I suggest that anyone considering equity release seeks independent financial advice to help ensure those products are suitable for their needs.
Dr Al Pinkerton (Surrey Heath) (LD)
An increasing number of pensioners are reaching the end of their mortgages with outstanding borrowing and finding themselves unable to meet later-life lending criteria, and this is likely to become even more prevalent in years to come as house price rises continue to outstrip earnings. What discussions is the Minister having with lenders and the mortgage industry about expanding those criteria and giving hard-working pensioners who might otherwise be forced to seek council support the opportunity to remain in their own homes?
Emma Reynolds
I thank the hon. Gentleman for raising this important issue. I discuss mortgages with lenders and, indeed, with the Financial Conduct Authority on a weekly basis, and I will ensure that I pass on his comments.