Beverley Building Society enhances SIPP income assessment
The new approach lets customers use up to 8% of their SIPP pot depending on age and gives a more tailored view of pension income.
Beverley Building Society has updated its method for assessing income from self-invested personal pension (SIPP) pots.
The new approach lets customers use up to 8% of their SIPP pot depending on age and gives a more tailored view of pension income.
This aims to help later life borrowers and improve affordability for those in or nearing retirement.
Stu Bryce (pictured), head of new business at Beverley Building Society, said: “We’re continually looking for ways to evolve our criteria to support how customers manage their finances in later life.
“By introducing a more flexible approach to SIPP income, we can help more borrowers.
“This is another step forward in our commitment to the later life market, giving brokers greater scope to place cases and helping more customers access the lending they need.”
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