This Halloween we have our Tricks and Treats ready for when you call!
Did you know we lend up to the age of 90 on all of our standard residential mortgage products?
This means for new mortgage applications the term may run until the borrower’s 90th birthday!
Meet Mr and Mrs Marshall...
Mr and Mrs Marshall are 74 and 78 and have an unencumbered main residential worth £600,000.
They want to raise a mortgage of £100,000, which will gift both their grandsons £50,000 each for a deposit towards their own properties.
They have state and private pensions totalling £40,000 and no debts.
However, both are retired.
Why did Mr and Mrs Marshall turn to us?
- We lend up to the age of 90 across our entire standard mortgage range
- We can split mortgages by terms by part repayment/part interest-only or by length of mortgage term - in this example, Mr and Mrs Marshall would not need a term split but may have wanted part repayment part interest-only
- We can assess survivorship income - in this example, the customers are able to support the loan financially for the duration of the mortgage based on incomes
- We assist with intergenerational gifting
And the result...
We accepted the mortgage over a 12-year term, taking the eldest to 90; perfect. This mortgage was on an interest-only basis (splitting the mortgage was not needed in this instance).
Mr and Mrs Marshall plan to downsize at the end of term and because they have sufficient equity in the property, this was a suitable repayment vehicle for us to be able to lend the amount they needed.
A Retirement Interest Only (RIO) mortgage product was also considered as an exit strategy should the mortgage reach the expired term.
- New instant chat service now available
- No credit scoring - all cases are assessed on individual merit
- Tailored underwriting with each case individually considered
- A dedicated BDM happy to help you on an individual basis
For further information, contact us.