See the latest announcement from HSBC below. Note that you can access HSBC via the Brilliant Solutions mortgage club but the lender does place some restrictions on access. Contact us for details.
HSBC Mortgage Product Guides are available here but check the date to ensure it has been updated to reflect the announcements below.
We’ve updated our Lending into Retirement policy
With effect from today, Monday 29th January, we’ve made the following amendments to our Lending into Retirement policy:
Applicants who are more than 10 years from age 70 or their anticipated retirement age (whichever is sooner)
- Our max age at the end of the term remains 80 however, affordability needs to be evidenced up to the 70th birthday of the oldest applicant. Where affordability is evidenced, a term up to age 80 can be taken.
- We will no longer require confirmation of pension provision to be provided for these customers.
Applicants who are within 10 years from age 70 or their anticipated retirement age (whichever is sooner)
- Affordability must be evidenced up to the 70th birthday of the oldest applicant based on earned income. Where affordability is evidenced, a term up to age 80 can be taken.
- To ensure we continue to lend responsibly we will also require affordability to be evidenced based on pension projections over the required term.
Our Broker website and Affordability Calculator will be updated shortly to reflect the above changes.
Please note, when using the Affordability Calculator you must only input a mortgage term up to the maximum age of 70, to ensure affordability is assessed correctly.
Once the calculator has been aligned with these changes, we will notify you on our Broker website that the full lending term, up to the maximum age of 80, can now be input.
Further information
Chat with us or call our Broker Support Team on 0345 600 5847 (Monday to Friday, 9am to 5pm).