Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Rental Income

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 rental income when assessing an applicants ability to maintain the ongoing mortgage.

Policy Notes:

Family Building Society can potentially consider rental income from background BTL properties to support RIO applications. The BTL properties must be in joint names if the application is in joint names for the purpose of affordability.

Criteria categories:
  • affordability assessment
  • Policy

Last updated:

29 August 2018

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