Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Beverley Building Society Updates SIPP Income Assessment Criteria
Beverley Building Society has introduced a tiered approach to assessing income from self-invested personal pension (SIPP) pots. The new assessment allows customers to use up to 8% of their SIPP pot as income, depending on their age.
According to Beverley Building Society, this change is intended to provide a more tailored view of pension income and improve affordability for those in or approaching retirement. The development is part of the mutual’s focus on later life lending and aims to serve more customers with complex income profiles.
The enhanced SIPP income assessment is available immediately. This update may be relevant to UK letting agents and inventory clerks working with clients who are in or nearing retirement and seeking mortgage products that better reflect their pension income.
Source: Mortgage Solutions