Lending criteria for retirement income
Lending criteria
Retirement income
If the applicant is within 15 years of retirement, details of post retirement income is required. We will use the private pension/annuity income or current salary, whichever is the lower, to calculate the maximum lending.
The percentage of the mortgage term occurring after age 70 must be less than 25% of the overall mortgage term.
Evidence Required
- Please note we may require a retirement strategy to detail how the applicant plans to meet his/her mortgage commitments, if the retirement income is not sufficient to meet mortgage repayments.
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