Applicant age

Min / Max Age

• At application, all applicants must be at least 18 years of age.
• All loans must be repaid by the 81st birthday of the oldest applicant.

Retirement

The percentage of the mortgage term occurring after their 71st birthday must be less than 25% of the overall mortgage term.

Where the applicant is within 15 years of retirement (declared retirement age or their 71st birthday, whichever is lower), evidence of post retirement income is required. Affordability will be assessed using the lower of either the applicant's current income or their post retirement income to ensure the mortgage will continue to remain affordable.

Where the applicant is more than 15 years from retirement and the term exceeds their 71st birthday, your client will need to be part of a company or private pension scheme. We will accept as evidence:

• Annual pension statement
• Pension details supplied by the pension provider
• Payslips showing the applicants pension contributions

 

Applicant age for interest only

Interest only borrowing is not permitted if the term of the mortgage goes beyond your client(s) stated retirement age or their 71st birthday, whichever is sooner. 

The term can exceed their 71st birthday however their income will not be used for affordability. The term can not go beyond the applicants stated retirement age or their 71st birthday, whichever is sooner, where income is required. 

Sole applications – Interest Only lending permitted to already retired customers where max age at end of term does not exceed their 71st birthday.


Joint applications – Interest Only lending permitted where any applicant is already retired.



Applicant age for debt consolidation

For applications with any element of debt consolidation, a maximum age of 70 years old at the end of the term applies.