Who can apply | Mortgage Information | Mortgages | ING Direct

About you

You can apply if you:

• Are aged over 18 years and less than 75 years old at the end of the mortgage term
• Are currently living in the UK with the legal right of residency in the UK
• Are able to provide address history for the past 3 years
• Are employed and have been for a minimum of 6 months and able to provide your most recent original payslip or are self employed and able to provide your last 2 years' tax assessments and your last 3 months business and personal bank statements
• Have a clean credit history
• Are borrowing between £50,000 and £2,000,000:
  • Up to £500,000 you can borrow up to 80% of the value of the property
  • Over £500,000 up to £2,000,000 you can borrow up to 70% of the value of the property
• Are applying for a mortgage term between 5 and 40 years (providing you are under 75 years
  at the end of the mortgage term)
• Have a maximum of 2 applicants, guarantors are not allowed
• Your firm of solicitors or conveyancers has two or more partners

If your mortgage term extends into your anticipated retirement date we require evidence of your retirement income. For affordability purposes we will use the lower of your current or retirement income and this may reduce the amount we can lend to you. You can check affordability using our calculators click here

Interest only mortgages & acceptable repayment plans

Interest only mortgages are available up to a maximum of 50% loan to value where there is a suitable repayment plan in place. Your chosen repayment plan(s) must be in place for a minimum of 3 months at the point of application (excluding sale of property)

The plans listed below are acceptable to us

• Endowment
• Pension
• Sale of property (maximum 50% LTV, minimum £165,000 equity)

The following plans are also acceptable, where the current combined value is sufficient to repay the interest only element.

• ISA (Stocks & Shares)
• PEPs
• Unit Trusts
• Professionally managed share portfolio of listed companies

Our interest only mortgages are available up to a maximum of 50% LTV

You will be required to provide evidence including name of the plan provider, policy number, name of policy holder, maturity date, forecasted maturity value, current value and monthly cost.

If you do not have an acceptable plan in place we can only offer a repayment mortgage.

Parental Leave

We will assess income based on your salary on returning to work. For this we will require:

• Your latest payslip
• Confirmation from your employer of the date you will return to work, details of any parental leave benefit, and the salary you will receive on return

If you have not started your period of parental leave we will use your current income, verified by payslip and your future intentions.

We will also need to know and verify how you will fund your mortgage payments if/when your income reduces. This may be from parental pay/benefits or savings however will need to be assessed by us to ensure you can afford the monthly repayments during your parental leave.

About your property

• Your property must be your main residence and located in England, Wales or mainland Scotland and of standard brick or stone and tile or slate construction
• If your property is leasehold you must have at least 30 years remaining on the lease at
  the end of the mortgage
• New build properties must be covered by an NHBC or Premier guarantee. Please note we will exclude any new build premium when assessing the value of the property for mortgage purposes
• We do not offer mortgages for Buy to Let, Right to Buy, shared ownership or equity share schemes, second homes, commercial property, building land, self-builds, or freehold flats