Interest only borrowing is not permitted if the term of the mortgage goes beyond your client(s) stated retirement age or age 70, whichever is sooner. 

The term can exceed their 70th birthday however their income will not be used for affordability. The term can not go beyond the applicants stated retirement age or age 70, whichever is sooner where income is required. 

Sole applications – Interest Only lending permitted to already retired customers where max age at end of term not greater than 70.


Joint applications – Interest Only lending permitted where any applicant is already retired.