And finally…The emergence of the ‘bank of son and daughter’

The phenomenon is a curious departure from the ‘bank of mum and dad’ which has characterised the mortgage market for young professionals shut out of the first time buyers cycle since the financial crisis.

However, a new survey carried out by the National Association of Estate Agents has found a third of agents had witnessed clients suffering from age discrimination at the hands of lenders wrestling with the new rules.

The introduction of stricter rules in April last year forced lenders to prove their customers can afford to pay off their loan.

And now, growing numbers of over-50s are having to ask their children to be guarantors when they try to re-mortgage, with the child agreeing to pick up the bill if their parents default on their mortgage repayments.

Experts said the practice was forcing parents to ‘demean themselves’ because banks were refusing to lend into retirement, fearful that borrowers’ pension income would be insufficient.

Banks have been accused of misinterpreting the rules and discriminating against over-50s, even when they will have a reliable pension.

But banks say they need clarity on who they can advance loans to because lending into retirement is a “real concern”.

Ray Boulger, of mortgage broker John Charcol, told the Daily Mail newspaper: “Often we find that the parent can actually afford the mortgage, but the lender will not take their income into account simply because of age.”

Lisa Harris, from retirement specialists Saga, added: “These rules need an urgent review.”