Changes to lending criteria
Lending criteria has been updated with changes in the following areas. For detailed information, please refer to the mortgage lending criteria.
- Acceptable income ( including contract types, benefits and other income)
- Second home loans
- Large loan LTV limits
- Minimum valuation for all lending
Lending into retirement
In addition, the following now applies to lending into retirement:
- The maximum age at the end of the mortgage term is 75 years for all lending, with the exception of retirement home plan
- Future retirement income will need to be verified where the customer is within five years of their planned retirement or their 65th birthday, whichever is the earliest, and the term exceeds retirement
We will now require additional documents for these cases. Please see the mortgage lending criteria for full details on the verification process.
View the mortgage lending criteria
Contact your local BDM