From Monday 30 November, Accord Mortgages are increasing their assumed retirement age from 65 to 70. Accord will now use the lower of the applicants declared retirement age or age 70.
Feedback from brokers confirmed that with different options available to their clients at retirement and different ages at which clients can claim their state pension, Accord’s current limit of 65 was no longer appropriate.
Accord has taken this feedback on board and the criteria change now means brokers and their clients can determine more accurately what their retirement age will be. If a client doesn’t have a pension provision in place (or cannot provide evidence of this) Accord will cap a mortgage term up to the lower of the declared retirement age or age 70.
Where a mortgage term does extend beyond the lower of an applicant’s declared retirement age or age 70 and the applicant is more than 10 years from retirement, Accord will ask for evidence of pension provisions (excluding state pension). If the applicant is within 10 years of retirement Accord will require proof of pension earnings to make sure the loan is affordable now and after retirement.
Accord will continue to offer a maximum term of up to 35 years or age 75, whichever comes first.