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Maximum Mortgage Term Guidelines
Maximum Mortgage Term Guidelines
Age* Term 55 27 56 26 57 26 58 25 59 24 60 23 61 22 62 21 63 21 64 20 65 19 66 18 67 17 68 17 69 16 70 15 Age* Term 71 14 72 14 73 13 74 12 75 11 76 11 77 10 78 10 79 9 80 8 81 8 82 7 83 7 84 6 85 6
Subject to minimum product term and maximum term of 27 years.
*Age of oldest borrower.
Source: Based on 2018 ONS Cohort Life Expectancy Tables based expectation of life, 1981-2064 principal projection, England and Wales.
Guidelines subject to review in December each year based on the age attained in the following year an bi-annual update of CohortLife Expectancy Tables.
CCJs & Defaults
CCJ’s/Defaults within the last 3 years are not acceptable.
CCJ’s/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 and HP arrears & missed payments => 3 years prior to application, status 1’s and 2’s 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 2’s are acceptable.
Credit Card, Mail Order, Utility <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.
Applicants who are non-UK citizens must have been permanently resident in the UK for the past 3 years and must have indefinite leave to remain in the UK and be a UK tax payer.
100% State and/or PrivatePension income.
Employed and Self Employedincome can be considered to support pension income up to age 75 –please refer full details.
Income from property and investments acceptable if evidenced by SA302s and SA100s.
100% benefits which are subject to a lifetime award.
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 debtoutstanding on the investment properties.
Maximum £1,200,000(refer if above £750,000).
Dependent on applicant’s age, please see Maximum Mortgage Term guidelines.
Minimum 2 years (product dependent).
Maximum 30 years.
We will consider remortgage applications where the applicant has been the registered owner for the past 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 <3 years old subject to NHBC/Local Authority Building Control Scheme/Premier/Checkmate (Castle 10 )/Buildzone/Zurich or Professional Consultant Certificates -maximum 80% LTV.
Purpose built and converted flats and maisonettes are acceptable (new builds not acceptable) up to 75% LTV and must be leasehold.
Flats/apartments more than 4 storeys –if above 4 storeys, they must be serviced by at least 1 lift. If above 15 storeys, referral to Underwriting required.
Any construction covered by Housing Defect Legislation such as high alumina cement, prefabricate reinforced concrete, large panel system, BISF.
Studio flats or ex local authority flats.
New build flats.
Flats above commercial property.