Here at Perenna, we want to help homeowners make the most of their retirement. And for us, age is just a number. That’s why we’ve removed age limits at application and at the end of the mortgage term for some of our products.
Overview of our criteria
Not sure which is best for your client? You can easily compare our product offering below.
| Repayment | IO | |
| What age can they use earned income until? | 70* – As long as they are more than 10 years from retirement, and more than half of the mortgage is not taken into retirement. Evidence of pension contributions however is required if lending into retirement. | 70* – As long as they are more than 10 years from retirement, and more than half of the mortgage is not taken into retirement. Evidence of pension contributions however is required if lending into retirement. |
| Max age | No max age | Lending into retirement is not allowed where sale of mortgaged property is the repayment vehicle. No max age if they have an alternative repayment strategy. |
| Min age | 18 | 18 |
| Max term | 40 years | 25 years |
| Minimum term | 5 | 5 |
| Affordability stress test | Stress test based on Repayment calculations | Stress test based on Repayment calculations |
| Joint Incomes considered for affordability? | Joint earned or retirement incomes considered for affordability | Joint earned or retirement incomes considered for affordability |
*Retirement age used is lower of declared or 70.
Legal Advice for Lending into Retirement
Where the age of the oldest applicant is 70 or above at the point of application, the applicant must obtain independent legal advice. The independent legal advisor must complete a declaration confirming the applicant understands and consents to the mortgage terms.
Key information
We apply a standard retirement age of the lower of the applicants declared retirement age, or 70 years old – whichever comes first.
Where an applicant is more than 10 years from retirement, is paying into a pension and more than half of the mortgage term is before retirement age, we will use their current earned income for affordability.
Where the customer(s) are within 10 years of retiring at the point of the application, or if more than half of the mortgage term is beyond their retirement age, we will assess affordability based on the lower of employed or projected retirement income.
Applicants who are already retired will have their affordability assessed based upon their current retirement income.
LTV will be restricted to 75% where the oldest applicant is aged 65 or above at the date of the application, and their age at the end of the mortgage term exceeds 85.
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Perenna Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 956138. Perenna Bank PLC is a company registered in England and Wales with company number 13084174. Our registered office is at The Bloomsbury Building, 10 Bloomsbury Way, London, WC1A 2SL
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