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Age
One applicant must be aged over 21 whilst all remaining applicants must be aged over 18.
For sole applications the minimum age is 21
All loans must be repaid by the eldest applicantβs 85th birthday where there is more than applicant. If this is impacting your term, our βEjector Seatβ might be able to help.
For cases with only one applicant the maximum age at the end of the term is 75.
Where an applicant is acting as an Income Booster we will either require the loan to be fully repaid or the income booster to be removed from the mortgage prior to their 85th birthday. Where you wish to extend the term beyond 85th birthday please speak to your BDM.
π«Β Customer Scenario 1 John and Sarah are both 66 years old and they are looking to retire at age 70 with a respectable pension income. They would like to buy a home for themselves to live in and would like to take the mortgage term to age 85 to keep the payments low.
π«Β Customer Scenario 2 Holly and Lynn are both aged 68 and retired within the last 5 years. Theyβre looking to re-mortgage with additional borrowing for home improvements.
π¨βπ©βπ¦ Customer Scenario 3 Holly and Lynn then see the Income Booster proposition and ask their son Nigel to join the mortgage application. Nigel is 30 and looking to retire at the age of 60.