Application → All guides
Expanded higher LTV criteria (95% LTV)
Remortgage & Additional Borrowing
Customer → All guides
One applicant must be aged over 21 whilst all remaining applicants must be aged over 18.
For sole applications the minimum age is 21
All loans must be repaid by the eldest applicant’s 85th birthday where there is more than applicant. If this is impacting your term, our ‘Ejector Seat’ might be able to help.
For cases with only one applicant the maximum age at the end of the term is 75.
Where an applicant is acting as an Income Booster we will either require the loan to be fully repaid or the income booster to be removed from the mortgage prior to their 85th birthday. Where you wish to extend the term beyond 85th birthday please speak to your BDM.
👫 Customer Scenario 1 John and Sarah are both 66 years old and they are looking to retire at age 70 with a respectable pension income. They would like to buy a home for themselves to live in and would like to take the mortgage term to age 85 to keep the payments low.
<aside> 👍 We would be able to help them as both applicants would not exceed our maximum age of 85. We would however apply a buffer of 7 months to allow for the mortgage to complete. This would mean the term could not take either applicant over the age of 84 years & 4 months
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👫 Customer Scenario 2 Holly and Lynn are both aged 68 and retired within the last 5 years. They’re looking to re-mortgage with additional borrowing for home improvements.
<aside> 👎 We would unfortunately not be able to help them as at the time of the mortgage completion neither owner would be either employed or self-employed
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👨👩👦 Customer Scenario 3 Holly and Lynn then see the Income Booster proposition and ask their son Nigel to join the mortgage application. Nigel is 30 and looking to retire at the age of 60.
<aside> 👍 With the addition of Nigel as an income booster we would be able help Holly and Lynn, as Nigel would be in employment/self-employment at the time the mortgage completed. Allowing the 7 months buffer Lynn & Holly could be offered a term up to 16 years and 4 months.
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