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Residential policy

After or approaching retirement

If a customer is already retired, or the term extends beyond their declared retirement date or their 68th birthday and they are within 10 years of either date we will use their pension income for affordability, or current income if lower.

Over 10 years before retirement

If the term extends beyond the customer’s declared retirement date or their 68th birthday but the customer is not within 10 years of either date, we don’t need proof of income in retirement but we do need to see that the customer is paying in to a pension plan.

Self employed

For self employed customers we may be able to use the 76th birthday rather than 68th. This is subject to their line of work and business activities. Please check with us before applying.

Acceptable pensions

The following types of pension are all acceptable: annuities, occupational (defined benefits / final salary, defined contribution / money purchase), pension tax credits, personal (stakeholder, SIPP), state, war, war disability.

Interest only

Lending into retirement is not allowed if downsizing is the repayment vehicle.

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