Eligibility

Am I eligible for the Retirement Mortgage?

When you apply for a Retirement Mortgage, we will ask you to demonstrate to us the level of retirement income to which you are entitled, and the level of outgoings you incur. If you are still working, we will also need to know your employment income. We will use this information to assess your ability to afford the loan.

You must therefore benefit from a reasonable level of income in retirement in order to be eligible for the Retirement Mortgage. The sources of income which we will take into account include:

  • Pension income
  • Investment income
  • Rental income

Your property must also form a suitable security for the Retirement Mortgage. The table below summarises the types of property which are acceptable.

Type of property
  • Houses (freehold or leasehold)
  • Bungalows (freehold or leasehold)
  • Flats (leasehold)
  • Mainsonettes (leasehold)

There must be a minimum of 90 years unexpired term on your property’s lease.

If your property is a flat, it must be in a private block of 7 stories or fewer.

Construction method

Your property must be of standard traditional construction:

  • Walls – brick, stone or block
  • Roof – concrete, slate or stone tiles
Past events Your property must not have recently been affected by flooding, subsidence or other structural issues.

This table is only a summary. Please refer to our detailed property eligibility factsheet. If you have any doubts as to whether your property is acceptable to us, please contact us and we will be happy to help you.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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