When it comes to looking at Older Borrower cases, we’ve had a few years of practise so we know exactly what we’re looking for.
How do we assess affordability when your clients in retirement?
- It’s straightforward, we’ll look at their pension income in retirement which is their steadiest form of income.
- We assess income on a joint basis if you’re both named on the mortgage and can consider two pensions based on this.
- If your client isn’t retired yet, we can also consider employed or self-employed income to support pension income up to the age of 75 and have, in certain cases,
- gone beyond this!
- We will accept income from property and investments (we do need evidence of these!)
- We will accept downsizing as a repayment vehicle for interest only mortgages
Still not sure? Try our Older Borrower affordability calculator…
To support with our specialised Older Borrower products and criteria, we’ve built a tailored affordability calculator that takes into consideration a retired lifestyle according to ONS data. This gives a more accurate overview of affordability in retirement.
For more information, get in touch with our Intermediary Support Team on 01282 440521 or click here to visit our website here.
