Virgin Money - We’ve updated our lending into retirement policy

21 January 2025

We’ve been busy aligning Virgin Money and Clydesdale Bank lending into retirement policies. Read on to find out more.

Retirement age change

We now use the customer’s 71st birthday or their chosen retirement age, whichever is earlier.

Retirement income refresh

For customers who need a mortgage term that extends into retirement, the income we use for our affordability checks depends on how far from retirement they are.

• Retirement more than 10 years away?
  We’ll use their current income for our affordability checks. Plus, we’ll need to see proof that they’re paying into a pension.
  
  
• Retirement less than 10 years away, or already retired?
  Our affordability checks will be based on their current income or retirement income, whichever is lower.

Some other changes

The maximum age for Clydesdale Bank mortgages has increased from 75, to 75 and 364 days.

For self-employed customers, we may be able to use their current income up to their 76th birthday. It depends on their line of work. Please get in touch before applying.

Downsizing for interest-only is only available up to the customer’s 71st birthday or chosen retirement age, whichever is earlier, even if they’re self-employed.

Help is at hand

If you have any Clydesdale Bank applications affected by these changes, please make sure you submit them by 5pm on 22 January 2025.

For more about these changes, head to our lending policies for Virgin Money and Clydesdale Bank. If you’ve got any questions, your BDM is the best person to answer them.

Don’t forget, we love simple cases, and we’re great with the quirky ones too. If you’ve got something that sits outside of our usual lending policies, let us know and we’ll see if we can work some magic.

The team at Virgin Money