Just 4% of people over the age of 50 believe they would be able to take out a new mortgage, research carried out by LiveMore has suggested.

The figure drops to just 2% for those aged over 80.

LiveMore, which lends to people over the age of 50 up to people aged 90 and above, stated that the findings highlight an age discrimination in financial services which needs to be addressed and according to the lender, this trend is not only restricted to the mortgage space.

The research, which surveyed 2,000 respondents on their access to financial products and services including 1,224 people over the age of 50, found that only 28% of people over 50 and 24% above 80 felt confident they could successfully apply for a credit card. This compared to 36% of people between the ages 30 and 50.

Furthermore, 36% of people aged over 50 felt negative about their financial future while 43% were shocked at not having access to some financial services. Moving up the age scale, however, 77% of over-80s were not surprised at having little access to finance.

LiveMore CEO, Leon Diamond, commented: “The findings of our survey, particular the mortgage questions, were quite shocking. Only 4% of over-50s and 2% of over-80s think they can get a mortgage and that is not the case at all.

“There are more than 25 million people over the age of 50 in the UK and for financial services firms to discriminate against such as large age range is wrong.

“Many people, whether they are in their fifties or eighties, are quite capable of servicing a mortgage. They have pensions and other assets such as investments, which are all valid forms of income but too often lenders ignore this.

“At LiveMore we look at all income, not just salary, and our oldest customer was 92 when she took out her mortgage with us.”

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