The lenders said they will use a customer’s 71st birthday or their chosen retirement age, whichever is earlier, as their retirement age.
On the retirement income side, the firms said that for those whose retirement was over 10 years ago, they will use current income for affordability checks and will need to see proof that they are paying into their pension.
If retirement is fewer than 10 years away or a person is already retired, affordability checks will use the lower of current income or retirement income.
The maximum age for Clydesdale Bank mortgages has gone from 75 years old to 75 years and 364 days old.
Self-employed customers can use current income up to their 76th birthday, depending on the line of work.
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Downsizing for interest-only can be used up to the age of 71 or chosen retirement, whichever is earlier.
Virgin Money changes rates
Virgin Money will launch select exclusive purchase deals with free valuation and make a range of rate increases.
The exclusive purchase deals will be available from 21 January and include a two-year fixed rate with a £895 fee at 80% loan to value (LTV) at 4.69%, and its fee-saver deal will be priced at 4.95%.
The lender’s five-year fixed rate with a £895 fee will be launched at 4.51% and its fee-free deal is 4.62%.
From 8pm today, the lender is making changes to exclusive purchase rate increases of up to 0.09%.
This includes its Fix and Switch fee-saver, which will rise by 0.09% to 4.99%. The lender’s deals at 95% LTV, including its Fix and Switch shared ownership fee-saver product, will rise by 0.08% to 5.61%.
Within its purchase range, with the changes also coming into force from 8pm today, its five-year fixed rate fee-saver at 95% LTV will go up by 0.12% to 5.31% and its two-year fixed rate shared ownership fee-saver will rise by 0.1% to 5.29%.
The firm’s five-year shared ownership fee-free deal will increase by 0.08% to 5.17%.
On the remortgage side, its five-year fixed rate at 80% LTV with a £995 fee will go up by 0.02% to 4.49% and its fee-saver equivalent will be priced at 4.64%.
