Lending criteria for retirement income | Accord Mortgages
Lending criteria
Term into 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 years +364 days 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.