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Lending into retirement

Lending Into Retirement:

For residential lending, where the mortgage term takes your client past either age 70 or their elected retirement age (whichever is reached first), evidence of retirement income (for example pension, investment income etc.) is required to enable us to consider the impact of retirement on affordability.

Any retirement income that is being used within the affordability assessment must be received in GBP by the applicant (IOM£ / Gibraltar£ are also acceptable). Where concerns exist with regards affordability, the application will be declined.

Our assessment will be carried out according to the following three-tier process.

(a) Retirement is less than ten years away

Your client will need to provide proof of their projected retirement income, as well as their current earned income. The lower of the two will then be used for the affordability assessment.

(b) Retirement is ten or more years away and the term is over five years into retirement

If the term takes your client over five years into retirement, an additional assessment will be carried out to ensure the loan is affordable in the retirement period. Evidence of project retirement income must be provided so an assessment can be made that the mortgage is affordable into retirement.

(c) Retirement is ten or more years away and the term ends within five years into retirement

We will request evidence that contributions to a pension fund are in place to support retirement. For example, evidence provided could be a pension deduction on a payslip, confirmation via the Accountant’s Certificate or confirmation from you as the broker.

Please Note: If your client is within 10 years of retirement but the mortgage term will not take them past age 70 or their elected retirement age, (whichever is reached first), then it is not considered as lending into retirement and our normal income assessment will apply.