L&G-backed later living brand said millions of people were living in
‘potentially harmful’ homes but not enough was being done to make the moving
process easier and more affordable for over-65s.
It comes as a new survey of 2,102 participants by Retirement Mortgage
Service reported that eight out of ten retirees could not access mortgages of
The findings showed that 83% of over-55s were being turned down
by mortgage lenders for traditional mortgages, retirement mortgages or lifetime
Previous research has found that decades
of underinvestment into the senior living sector will lead to 13 million
over-65s living in unsuitable accommodation by 2040.
Eugene Marchese, co-founder and director at Guild Living, said:
“With around two million over-55s in Britain living in homes that are
potentially harmful to their health, clearly not enough is being done to
incentivise moves to accommodation that would better suit their needs.
“Financial constraints are likely to be a key factor in this, so
banks, local authorities and the government must give more thought to how they
will ensure that the moving process for older people is as straightforward and
affordable as possible.
“A nationwide drive to deliver more purpose-built later-living
communities that accommodate retirees’ individual lifestyle and health needs
will also be critical in looking after Britain’s growing population of older