Application → All guides
Expanded higher LTV criteria (95% LTV)
Remortgage & Additional Borrowing
Customer → All guides
Income and employment → All guides
Currently retired
If any of the borrowers are currently retired the appropriate pension income fields should be completed.
Please ensure that any retirement income such as rental income, investment (not including pensions) are also entered under the appropriate fields.
Please note; We cannot proceed where all the borrowers are retired at the time of application or before the mortgage is due to complete.
Future retirement If any of the borrowers are retiring within the next 10 years, their expected retirement income must be entered. We will use the lower of the expected retirement income or the current income in our affordability calculations.
Keying Tip > The expected retirement income entered should include all income received after retirement age at the appropriately weighted amount.
For example an Income booster with;
With 10 years remaining on the loan at the time of retirement, the total expected retirement income would be; £38,800.
Refer to A - Z of Income types for full list of weightings
If any of the borrowers are retiring in 10 years or more, within the mortgage term, proof of pension contributions or funds will be required.