- At least one borrower must be no more than 80 at the end of the mortgage term for residential mortgages. For joint mortgages, the maximum age 80 applies to the youngest borrower. In addition to the checks on income into retirement there is also a requirement for the mortgage to be affordable based only on the younger borrower’s income.
- The maximum age for family buy to let mortgages is 80.
- There is no maximum age for standard buy to let mortgages.
- There is no maximum age for RIO mortgages
- Where the term of a mortgage would go beyond an applicant’s intended retirement age, or state pensionable age, if earlier, independent documentation is required to demonstrate that the mortgage will remain affordable in retirement. Where the applicant has indicated that their intended retirement age is beyond state pensionable age, we will assess whether this is feasible, given the nature of the job being performed
Where an applicant is already retired at the point of application there is no maximum age at the end of the term. However where the applicant’s age at the end of the term is greater than 80 years the following restrictions apply:
- Downsizing is not permitted as an exit strategy
- The maximum LTV is 60%
For joint applicants both applicants must be over age 80 years at the end of the term for the above restrictions to apply.