Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Life Cover

Our standard acceptability

Will be considered

Criteria definition:

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider life cover when assessing their ability to maintain the ongoing mortgage.

Policy Notes:

The Society will accept whole of life cover when assessing the affordability of the surviving partner.

Criteria categories:
  • affordability assessment
  • Policy

Last updated:

29 August 2018