At Vida, they’re here to help your clients find a home for every chapter of life. Including lending in and into retirement.
Chapter 1: Later First Time Buyers
As more borrowers enter the property market in their 40s and 50s, Next Chapter Lending helps provide access to homeownership while offering greater certainty around future affordability and retirement planning.
Key Later Life Lending Criteria
- Where an applicant is within 10 years of their retirement age, affordability will use the lower of current income or projected pension income.
- Where an applicant is more than 10 years from their retirement age, current income may be used provided the applicant is actively contributing to a pension scheme.
- Where 50% or more of the term extends beyond their retirement age, affordability will use the lower of current income or projected pension income.
- The mortgage term must end prior to the oldest applicant’s 86th birthday.
First Time Buyer Criteria
- Minimum age 21
- Specialist property considered – flats above/adjacent commercial, ex-Local Authority
- Joint Borrower, Sole Proprietor considered
- Foreign Nationals accepted
- Potential for terms up to 45 years
- Packager credit tier available for higher adverse
- All Defaults and CCJs less than £500 are excluded from product tiering
- Up to 4 applicants considered
**Semi exclusives available
At 3mc, we have a team of expert advisers who can discuss all your mortgage requirements. If you would like to discuss your options, give the 3mc team a call on 0161 962 7800.
All calls are recorded for training and monitoring purposes. 3mc for intermediaries only.
*Your home may be repossessed if you do not keep up repayments on your mortgage. 3mc (UK) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register https://register.fca.org.uk/s/ under reference 302992. Please note: The FCA do not regulate Business Buy to Let Mortgages.
📱 0161 962 7800
📧 info@3-mc.com
🌐 www.3-mc.com
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