The Society will not discriminate on the basis of age. Applicants who are retired and are in receipt of pension income are acceptable to the Society. Borrower(s) must meet the Society’s affordability criteria. However, where applications are submitted on a joint basis, the sustainability of repayments to service of the loan, in the event that one party to the mortgage dies during the mortgage term will be assessed. Proof of pension income must be provided. Consideration can be given to existing life insurance, ongoing widow / widower pension benefits or unclaimed (deferred) pension income.
Interest only or capital repayment is available, subject to usual responsible lending requirements. Buy to let applications are acceptable.
The borrower is required to receive legal advice as a condition of the mortgage; and is strongly recommended to register a lasting power of attorney to mitigate the risks associated with handling financial affairs in the event of cognitive decline.
The LTV must not exceed 70% for applicants in retirement.