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0330 123 1073

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Mortgages into later life

Don't worry! We are still a later life lender, but with our recent changes, older borrowers can now submit an application on our standard residential products.

We don’t have a maximum age at the end of the term for repayment applications and if interest only the mortgage must end before the eldest applicant reaches 95.

Lending into retirement

  • 75% maximum LTV

Lending in retirement

  • 70% maximum LTV
  • 50% if any element is interest only (regardless of repayment vehicle).

Product information:

  • Interest only up to 50% LTV if sale of security or 70% LTV if sale of background property/other repayment vehicle
  • We offer terms of 5 to 40 years and have a later life calculator to take into account the different expenses older applicants tend to have. If your application is Interest only, we will stress affordability on an interest only basis
  • We'll consider employed and self employed (non manual) income up to age 75.

We will in certain instances require applicants to take Independent Legal Advice (ILA)

This will apply in the following instances;

  • Applicant(s) are 75 or older
  • There is significant disparity between applicants incomes

This advice should be taken after receipt of our mortgage offer and the Solicitor shouldn’t be the same one that is involved in the transaction of the mortgage.

The ILA should cover potential implications associated with taking out a mortgage in later life – e.g. if the applicants were to need long term care or in the event of death.

Key features of our later life mortgages

  • Minimum loan of £100,000
  • Maximum £750,000 in advance
  • 5-40 year term
  • Retirement ONS calculator used
  • For working applicants we accept self employed manual or employed income to age 70 (or declared pension age if lower) or self employed non-manual income to age 75.
  • 100% of pension income and 75% of investment income accepted when assessing affordability