We can consider customers who will be retiring during the term of the mortgage, with the maximum period that loan can extend into retirement being 5 years, subject to:
- A full affordability assessment needs to be carried out on the anticipated post-retirement income
Else, either:
- A full affordability assessment needs to be carried out on the anticipated post retirement income
- The forecasted value of pension (assuming statutory contributions for each year up to retirement, compounded by 7% annually) must be at least 4 times greater than the amortised mortgage balance at the point of retirement