Support for later life borrowing
We are committed to providing lending solutions for borrowers at every life stage and continually review our assessment approach to ensure we remain responsive to evolving borrower needs. This includes those looking to remortgage or purchase a new home in later life.
We understand that borrowing in later life can come with a lifetime of complexity. This is why, alongside our flexible and common-sense approach to underwriting, we also offer a range of mortgage options to support older borrowers.
Our later life support includes:
- A maximum age of 80 years at the end of term;
- No maximum age on application for Buy-to-Let mortgages;
- Interest-only mortgage options up to the age of 80 with no minimum income requirement;
- Assessment of both employed and self-employed income for applicants up to the age of 80 years;
- A maximum residential mortgage term of 40 years; and
- A standard offer validity period of 6 months.
Furthermore, for mortgage applications with more than 10 years from age 70 at the time of application, affordability can be determined based on earned income. For mortgages with less than 10 years remaining until age 70, affordability calculations will be based on the client's "Plan B". If this includes pension income, we will require proof of current pension projections or evidence of a "Plan B" which we could assess.
Contact us
As a lender we understand that one size doesn't fit all, which is why every case is individually assessed by our team of experienced underwriters. If you have any questions or would like to discuss a case, please talk to your dedicated Business Development Manager or contact your Intermediary Support Team at Intermediary.lending@newcastle.co.uk or 0345 602 2338.