For the use of mortgage intermediaries & other professionals only

Maximum Working Age changes

From Monday 18 March, the maximum working age will change on certain applications where specific criteria is met.

We will continue to support the majority of customers, subject to a successful application, with borrowing up to the age of 75. A maximum working age of 70 will apply to:

  • Remortgage applications with any capital raising / additional borrowing
  • Some purchase and remortgage applications because of the level of credit score achieved and overall credit profile.

These changes have been made as part of a regular review of our lending criteria and will ensure we can continue to lend responsibly to a broad range of customers. For all other applications we will continue to use a maximum working age of 75.

If a term past 70 years of age is selected for an application restricted to a maximum working age of 70 a Corrective Action message will show at Decision in Principle (DIP):

‘As the maximum working age on this application is 70 the term chosen extends into retirement, anticipated retirement income must be keyed or the term reduced to a maximum of … (years)'

There are no other changes to our policy and all customers should consider the sustainability of their occupation and the plausibility of working to their anticipated retirement age. Customers should be able to maintain their income position at the point of application to the end of the mortgage term and understand the risks if this proves not possible.

This change applies to applications started from Monday 18 March. If an application was started before this date, even if just a DIP was keyed, the previous policy will apply. This change does not apply to product transfer or further advance applications.

Please note on Monday 18 March, the Customer Working Age Form (PDF, 3.6MB) held on our website Literature page will be updated and the latest version of this form should then be used.

Our website Criteria Maximum Working Age section will be updated from Monday 18 March.