Mortgage News
Nationwide rethinks retirement age definition
Nationwide will now use a borrower’s anticipated retirement age in its affordability check rather than its previous policy of using the customer’s state pension age, if this is lower.
In a broker note, Nationwide said the maximum retirement allowed will remain at 70, while the mortgage term must end before the eldest applicant’s 75th birthday.
The announcement is just one in a string of recent criteria changes from the lender in the past few days.
Last week, Nationwide said it would launch back into the restricted resale market and offer porting online for existing customers through intermediaries. It had also introduced a ‘genuine bargain price lending’ option for homeowners looking to sell their properties at less than the open market value.
The changes mean brokers will now be able to place these cases online through Nationwide’s intermediary channel.
