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Last updated 08 March 2022.
Maximum Mortgage Term Guidelines
Maximum Mortgage Term Guidelines
Age* Term 55 26 56 25 57 24 58 23 59 23 60 22 61 21 62 21 63 20 64 19 65 18 66 17 67 16 68 15 69 15 70 14 Age* Term 71 14 72 13 73 13 74 12 75 11 76 10 77 10 78 9 79 8 80 8 81 7 82 7 83 6 84 6 85 5
*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
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.
Mortgage, loan, HP arrears and missed payments => 3 years prior to application: Status 1s and 2s are accepted – status 3 or above not accepted.
Mortgage, loan, HP arrears and missed payments within the last 3 years are not acceptable.
Credit Card, mail order, utility commitments => 3 years prior to application: Up to and including status 2s are acceptable.
Credit Card, mail order, utility commitments <3 years prior to application: Status 2 – OK to proceed subject to the commitment being up to date for a minimum of 12 months prior to application. =< Status 3 are OK subject to commitments totalling less than £500 and being up to date for a minimum of 12 months prior to application.
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.
Dependent on applicant’s age, please see Maximum Mortgage Term guidelines.
Minimum: 5 years (product dependent)
Maximum: 26 years
We will consider remortgage applications where the applicant has been the registered owner for the past 6 months. Refer if less than 6 months.
Repayment, interest only and part and part applications accepted dependent on the selected product.
Interest Only Repayment Vehicle
Sale of mortgaged security/investments/sale of other property/endowment.
Minimum Property Value
England and Wales.
The property must be the main residence of the applicant(s).
Properties must be of traditional construction.
Timber framed properties may be considered if brick clad.
New build houses subject to NHBC/Local Authority Building Control Scheme/Premier/Checkmate (Castle 10)/Buildzone/Zurich/ICW (International Construction Warranties)/AHCI Ltd or Professional Consultants
Purpose built flats/maisonettes are acceptable (new builds not acceptable). Must be leasehold.
Flats/apartments more than 4 storeys. If above 4 storeys, they must be serviced by at least 1 lift. Flats above 6 storeys are not acceptable.
HMOs, self-builds, properties held in Trust, present or former hotels/guest houses/B&Bs, commercial properties (even if applicants intend to convert back to residential).
Studio flats and ex-local authority flats/maisonettes.
New build flats.
Flats above commercial property.
Any construction covered by Housing Defect Legislation such as high alumina cement, prefabricate reinforced concrete, large panel system, BISF.
Any property where an EWS1 form for wall cladding is required.
Reasons for Additional Borrowing
• 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.