Borrowers looking at second charge mortgages can schedule their repayments on terms that exceed the state retirement age where they can show that their income is sustainable. The state pension age in the UK is currently 66.

Pepper Money will also accept earned income up to 75 years old and a maximum age at the end of term of 80 for its second charge mortgage deals.

Ryan McGrath (pictured), second charge sales director at Pepper Money, said: “We’re always looking for ways to make our market-leading range of second charge mortgages available to a wider range of customers.

“We recognise that a growing number of customers are likely to be working to an older age. By increasing the age, we’ll accept earned income [and] we’re enabling customers to schedule their loan repayments over a term that suits their circumstances. Furthermore, increasing our maximum age at the end of term will enable more customers with retirement income to satisfy their borrowing needs.”

Pepper Money has been making a number of improvements to its second charge range, including widening its affordability criteria to accept 100% of bonus, overtime, commission, and foster care income.

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The second charge mortgage journey is now paperless, self-employed criteria have been improved, payout before consent has been added and e-signatures have been brought out.