HSBC alters policy for lending into retirement

Effective from today, Wednesday 1st May, HSBC has made amendments to its lending into retirement policy.

The lender now requires confirmation of pension provisions to be provided for customers who are more than 10 years from age 70 or their anticipated retirement age.

When submitting a case, the latest payslip evidencing pension contributions, the most recent pension statement, confirmation of pension scheme participation, or the latest bank statement showing pension payments must be included.

HSBC stressed that brokers currently submitting a case will need to upload the evidence of pension provisions with the application.

Once the system has been aligned with these changes, it will automatically ask for these documents.