Family BS: Later Life Lending – Your Questions Answered

Many clients are turned down by high street lenders simply because they’re ‘too old’. We think that’s bonkers!

We do lend in retirement. How can we help your clients?

Q. My client is 65 and wants a 20 year mortgage – can you help?

Yes! We lend in retirement with higher maximum ages than most lenders:

  • Owner Occupier repayment mortgages, up to a maximum age of 95 at the end of term.
  • Owner Occupier Interest-Only and Buy to Let mortgages, up to a maximum age of 89 when the loan commences.

Q. Will you take earned income into account?

Yes! We’ll accept earned income to age 70, or up to 75 if the customer is in a professional career.

Q. What other income will you take into account?

We’ll accept ‘non-earned income’ from a variety of sources such as:

  • State and private pension
  • Rental and investment income
  • Pension pots (even if untouched currently)
  • Directors’ income (from those not involved in the day to day running of the company).

Q. What special conditions does my later life client need to meet?

None! They can get the same rates with the same terms. As long as they meet our normal lending criteria, we treat our older borrowers the same as our younger ones.

If your client is looking for something outside of our core range, we do offer specialist products such as our Retirement Interest-Only mortgage or Retirement Lifestyle Booster which have their own terms.

Q. What’s the maximum LTV on an Interest-Only mortgage?

  • We offer Interest-Only mortgages across a range of products including discounted and fixed rates, up to 80% LTV
  • We’ll consider Interest-Only lending even if the repayment vehicle is downsizing. In such cases, the maximum LTV is 70%.

Q. What will you allow capital raising for?

We allow capital raising for home improvements, second homes and gifting to family members.

Semi-exclusive products 

Did you know that on top of our standard range of products we have additional semi-exclusive products available via our packaging partners? Speak to your local Business Development Manager for more information.

To contact our Mortgage Desk or your local BDM;

CALL US ON:  01372 744155


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