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Lending criteria explained: later life lending

Through our later life proposition we can offer a range of options to your clients aged 50 and over or in retirement. Here are some of the key ways we’re supporting your older and retired clients:

Dedicated later life products
We have a later life range for applicants aged 50 and over. For joint applications, at least one applicant needs to be 50 or over. We offer a range of fixed and discount options, including a 5 year rates as well as a 2 year discount with unlimited fee-free overpayments.

Flexible income
We accept 100% of private & state pension income and 75% of investment income. We may also be able to look at income from other sources including 50% of rental income from unencumbered BTL properties and some benefits (such as DLA). We can accept self employed manual income up to age 70 and non-manual up to age 75.

Wide-ranging policy
We have no maximum age limit and able to lend to applicants on a range of repayment methods. We can, for example, lend on an interest-only basis up to 50% LTV provided there is £150k of equity in the property. We offer terms from 5 years up to 40 years (at any age). We can consider capital raising for any number of reasons, including gifting money to children to help them onto the property ladder or even home improvements.

Retirement affordability calculator
On our website we have a retirement affordability calculator, so you can get an idea of whether the mortgage you are looking for will fit our affordability model. And if it doesn’t – don’t worry! There may still be ways we can help.

To see our later life products in full detail please click here.