Older Borrower Criteria

55 (at least one of the applicants).

*Age of oldest borrower.

Subject to minimum product term and maximum term of 26 years.

Source: Based on 2021 ONS Cohort Life Expectancy Tables based on expectation of life, 1981-2070 principal projection, England and Wales. Guidelines subject to review in December each year based on the age attained in the bi-annual update of Cohort Life Expectancy Tables.

CCJs/Defaults within the last 3 years are not acceptable.

CCJs/Defaults => 3 years prior to application are acceptable up to a maximum £2,500 – subject to an explanation and being cleared/satisfied 12 months prior to application.

No other adverse entries must show on credit file.

For non-UK nationals we require the applicant(s) to have resided in the UK for a minimum of 2 years. We will also require proof of indefinite leave to remain/residence certificate or settled or pre-settled status in the UK.

Applicants’ own deposit or gift from an immediate family member (spouse, parent, grandparent, sibling, child or grandchild) is acceptable. Evidence of the source of deposit is required.

100% state and/or private pension income. We will accept 5% of SIPP/pension pot for income assessment as an annual notional figure.

Employed and self-employed income can be considered to support pension income up to age 75 – refer full details. Please note, shift allowance/overtime/maintenance are not normally acceptable.

Income from property and investments acceptable if evidenced by SA302s and SA100s.

100% of disability living allowance and personal independence payment (must have been in receipt for last 2 years).

100% industrial injuries benefit.

Please note: Where rental income is needed to support the mortgage, you must submit an Agreement in Principle to the Society. An element of property income can be used but the amount considered is linked to income and the debt outstanding on the investment properties.

Minimum: £30,000 (unless otherwise stated)

Maximum: £750,000

£150,000 (unless otherwise stated)

Both freehold and leasehold are acceptable for houses.

Freehold flats/maisonettes are not acceptable- leasehold only.

Flying freeholds – refer.

• Home improvements
• Debt consolidation (maximum £30,000)
• Gift to family member
• Purchase of an investment or second home

Please note evidence would need to be submitted to satisfy the above.