• No maximum age limit- Does the case make sense?
• No credit scoring, we credit search
• Every case individually underwritten with a common sense approach
• Lending into and whilst retired acceptable
• Currently no restrictions on product offering when lending into retirement, core range is available
• Interest only lending acceptable up to:
  • 80% LTV with suitable repayment vehicle
  • 50% LTV to downsize or lending into and whilst retired

Lending into Retirement

Defined as 1 or more applicants not yet at or past state retirement age at date of application but where the term extends past the state retirement age for 1 or more applicants.

• The loan must remain affordable for the full term of the mortgage
• The applicants’ intended retirement date is to be obtained
• Where the term exceeds and applicants intended retirement date, a full income projection post retirement must be obtained and used to calculate affordability
• Pension lump sum projections can be taken into consideration when assessed against the expected mortgage balance at retirement age
• In the case of interest only loans where the interest only repayment vehicle is downsizing, any capital raising must be limited to 10% of the loan amount.
• If capital raising the additional funds must not be for commercial of Buy to Let purposes.
• If an applicant has indicated they will continue to work past their state retirement age, a feasibility assessment must be made and appropriate rationale provided by the underwriter
• Earned/Self-employed income, private pension, state pension and investment income may be used when assessing affordability where appropriate.

Lending whilst Retired

Defined as 1 or more applicants at or past state retirement age at date of application

• The loan must remain affordable for the full term of the mortgage
• Where an applicant has indicated they will continue to work past the term end, a feasibility assessment must be made and appropriate rationale provided by the underwriter
• Earned/Self-employed income, private pension, state pension and investment income can be used when assessing affordability where appropriate
• Maximum LTV 50%
• Maximum LTI per standard
• Independent legal advice must have been taken by the applicant
• In the case of joint applications, an appropriate rationale must be provided by the underwriter covering the potential situation where one of the applicants passes away or has to go into a care home and thus incur additional costs
• In the case of interest only loans where the interest only repayment vehicle is downsizing, any capital raising must be limited to 10% of the loan amount
• If capital raising the additional funds must not be for commercial of Buy to Let purposes
• In the case of interest only loans where the interest only repayment vehicle is downsizing, a feasibility assessment must be made and appropriate rationale provided by the Underwriter
• The Underwriter has the right to ensure a lasting power of attorney is in existence prior to completion of the mortgage
• It must be recommended that the applicant seeks independent legal and financial advice.

Summary Chorley Building Society

• Will take a flexible common sense approach to mortgage lending
• Do not credit score
• Do manually underwrite all applications, a person makes the decision not a machine
• Have no maximum age limit
• Have a realistic approach to interest only lending and lending into/whilst retired
• Have underwriters who will do their best to get a case through
• Appreciate the business you send us