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Flexible lending beyond state retirement age


TSB has relaxed its lending criteria for borrowers with mortgage terms that go beyond their state retirement age.

Previously, if a mortgage went past the borrower’s state retirement age, TSB would class this as lending into retirement and base its lending on anticipated pension income.

Now, as many people are living longer, TSB is comfortable for people to be able to work until 70 years of age should they feel this is feasible and realistic. The aim is to help simplify the verification process.

If the borrower plans to retire before their 70th birthday and the mortgage term goes beyond their anticipated age of retirement, then the lending would be based on pension projections.

Nationwide and Halifax have also relaxed their criteria recently.

David Blake of Which? Mortgage Advisers said:

‘Before you take out a mortgage that takes you past your state retirement age, we would always urge caution, and recommend you consider any alternatives.

‘You will need to feel confident that your health and employment prospects will allow you to keep up the mortgage repayments.’

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