Tough new rules to hit housebuyers

Mortgages have effectively become unavailable to low income earners
And graduate higher income earners with Student Loan debts
Anyone who has no/little equity, or can't raise 20% of the sale price.
And now probably anyone 45-50 for a new 25 year contract.
So, the lending is fully secure but only on the basis that there be virtually no transactions.

My mother brought her ex council house paid off the mortgage and thought she was set for her old age, only to find that the council put in a small time drugs dealer on one side of her and a family of five who think a house is an Alton Towers type pay area till all hours of the night. Because of this we need to move but who could we sell to and having finally sold the house we wont get enough money to cover the cost of a new home and because I just turned 50 then I wont get a mortgage.

Really why don't you just put a bullet in our heads because we don't have any human rights in this country and what about the age discrimination issue, what has your age got to do with when you pay your mortgage off, a mortgage comes with life insurance so whatever happens the loan will be paid off the mortgage should be granted on your ability to pay not your age.

I just went from 2nd class citizen to 3rd class, what a country.

Its already impossible for young people to get on the property ladder.

Talking about people paying back their loans....when are the banks going to repay the taxpayers for the bail-out money?????

Im a mortgage broker & obviously we have been aware of this change for some times, but instead of helping the mortgage market, it wll severely hinder it....as usual people that know sweet F A about the business are the ones making the decisions !!

Im 50 and just bought a refurbished house in Stoke on Trent right on the edge of the Peak District, 2 double bedrooms yard at the front and rear but only allowed a 13 year mortgage, but then the house only cost £57,500. My friend bought the same style house in Kent for the slightly higher cost of £175,000 yes an amazing £117,500 extra he paid, wow the North is the place to buy. My retirement home is ready, haha suckers in the south

A substantial drop in house prices, as happened in the USA, of around 50% would resolve the problem and finally burst the homeowning bubble which has halped to destroy the UK economy - by diverting money into sterile bricks and mortar and not into investment in productive capacity. ( And yes I DO own a house!)

Wow, I'm just stunned that something like this hasn't always been in place.

The mortgage lenders should ALL be heavily penalised for reckless lending over many years, as should estate agebts and "valuation surveyors,all of whom grossly inflated house prices and they all made a fortune out of driving the nonsensical prices ever upwards . The FSA , Bank ofEngland and the Government of the time all sat back and watched the bubble which inevitably burst..........economists ?????...what a dithering lot of buffoons,few ,if any of whom will now be paying the penalty of austerity being suffered by the hard pressed housebuyers. Also , the B of E so called interest rate of 0.5% is a misleading farce since NO person can benefit from this,,,,,,,,it only serves as another way of refloating the banks and devaluing any money in saver`s pockets ! What a shambles!!!!!

Who is giving this advice. 'Most loans are 25 years'. They probably are ,but anyone at 55 can take a mortgage out over 10 years if they have the financial means to pay it. If not they would have to take a life insurance policy out for a longer mortgage.. Most life insurance policies to cover you till you are 75 or 80 would be so expensive that you might as well pay off more capitol and shorten the loan. The banks will always insist at an older age you pay a large deposit up front so that if you die or can't pay because of illnes, the bank will be able to sell the house your house for at least the amount you owe to them. Very interesting that they won't give interest only loans any more. That is an admission by the banks that over the next 25 years they don't expect good finacial returns. Now you know when your shinning financial adviser wants you to lock your money up for 'high potential growth' he is talking BS and just getting his introduction commision.