Our full lending criteria
Our full lending criteria
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If lending is past the age of 70 or the applicant's intended retirement age (whichever comes first), the following applies:
1. If retirement is more than 10 years away, and the term does not extend beyond age 75 then we will use current income for affordability purposes, as long as the customer can prove they are paying into a private pension (payslip, bank statement or pension statement accepted).
2. In all other circumstances affordability is reliant on a projected pension income, the applicant:
- Must have been contributing to the pension for a minimum of 10 years; and
- Should provide the latest annual statement or projected pension income.
This will be used for the affordability calculation.
For joint borrowers, where the term extends beyond the oldest borrower’s 76th birthday, the underwriter must be satisfied that the loan is still affordable following the death of either borrower. If you would like to discuss this further, please contact your local BDM or the team on 0330 333 4021.