Minimum Age: You need to be at least 18 when you apply.
Maximum Age at Term End: The maximum age allowed at the end of your mortgage term is 75. If you want the term to go beyond age 70 up to 75, it's possible, but only for repayment mortgages. Check out "Lending beyond age 70" for more details.
Age at Application for Those Borrowing Beyond 70: If you're looking to borrow beyond age 70, the minimum age at application is 55.
Young Professional Range: For this range, the maximum age at application is 40. Check the criteria for the age at the end of the term.
Customers Lending Beyond Retirement: If you're borrowing beyond your state retirement age, we'll need to check if it makes sense.
2. Bank Statements
Simplified Submission: We've made it easy to submit your clients' cases. Here's when we need to see those bank statements and why.
What We Need to See: Your client's name and address should be on all bank statements, and they can be from online banking.
When We Need Them:
For self-employed or contractors
To show child maintenance payments
To prove the gradual increase in deposit funds over time
Why We Need Them:
For the self-employed, we require 3 months of business bank statements supporting the latest SA302 or accountant's documents.
Contractors need to provide the latest 1-month bank statement to show the most recent contractor credit.
Child maintenance recipients need to show the latest month's bank statement reflecting these credits.
For purchase applications, proof of deposit funds is crucial, and the bank statements must demonstrate a steady buildup over time.
Note: Any significant deposits might raise questions. If it's a gift, it needs to align with our Gifted Deposit policy.
What Counts as Self-Employed?
Applicants holding 25% or more of a business share qualify.
A minimum of 1 year's trading history is acceptable.
For affordability assessment, we generally look at the most recent year's net profit for the self-employed.
Share of net profit after tax is considered for Company Directors with a minimum 50% shareholding.
Various documents can verify self-employed income, including SA302, accounts, and business bank statements.
Income verification must be by a qualified accountant or bookkeeper registered with specific professional bodies.