Just 4% of people aged over 50 believe they would be able to take out a new mortgage, according to LiveMore, with this figure falling to 2% for those over 80.  

These fears show that “age discrimination in financial services needs to be addressed”, says the later life lender in a study.  

The report quotes other areas where over-50s feel they are treated unfairly by the financial services industry.  

It finds that only 28% of over-50s and 24% above 80 feel they could successfully apply for a credit card, compared to 36% of 30 to 50-year-olds.  

The survey adds that 36% of over-50s felt negatively about their financial future and 43% were “shocked at not having access to some financial services”.   

Although, 77% of those over 80, were not surprised at having little access to finance.  

LiveMore chief executive Leon Diamond says: “The findings of our survey, particularly the mortgage questions, were quite shocking.  

“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 50s or 80s, 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.”  

LiveMore’s research was conducted by data group CensusWide, which polled 2,000 adults on their access to financial services, including 1,224 people over 50, with representative samples from each age group.