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Case Profile
The client wanted to remortgage his residential property; however, due to his age, income and proposed repayment strategy, finding a lender willing to take a view on his circumstances was a challenge.
The client wished to remortgage the current mortgage, which was due to expire within 6 months. Along with the remortgage he also wanted to raise additional capital to service another loan.
The client was due to turn 71 on his next birthday. This created a challenge in securing a loan as his current lender, along with most mainstream lenders, normally only lend to borrowers up to a maximum age of 75. As most would require a minimum mortgage term of 5 years this would exclude him from most mainstream lenders. In addition to his age, the client’s income did not meet most lenders’ affordability criteria.
Furthermore, the client wanted an interest only repayment option (to reduce his monthly costs), using the future sale of his shares in his company as a repayment vehicle.
Solution
Using our extensive experience in arranging large and complex mortgages we were able to find a remortgage solution for the client. We sourced a lender who would consider the client’s circumstances in more depth and offer a bespoke solution.
After putting the client’s case together and presenting it to the lender, they accepted the client’s requirements and income. The future sale of the client’s company shares were also accepted as the repayment vehicle.
The client was happy with the mortgage terms and was able to proceed with remortgaging his property.
Deal Highlights
| Loan amount: | £800,000 |
| Rate: | 2.29% discounted for 3 years |
| LTV: | 40% |
| APR: | Overall cost for comparison 3.60% APR representative variable |
| Term: | 5 years |
| Type: | Interest only |
| Loan purpose: | Remortgage |
| Lender’s arrangement fee: | £995 |
| Early repayment charges: | 3% for the first 3 years |
Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.
Overall cost for comparison 3.60%APR representative variable based on 5 years at 2.29%. Lender’s arrangement fees of £995. The actual rate available will depend on your circumstances. Ask for a personalised illustration.
largemortgageloans.com is a trading name of largemortgageloans.com Ltd. A fee of up to 1.17% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £1,000,000 the fee would be £11,700 of which £2,925 would be payable on application. The precise amount will depend on your circumstances.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.
