The case in brief
- Client: British national and resident
- Property type: Remortgage Residential Property
- Property value: £1.5 million
- Loan Amount: £400,000
- LTV: 27%
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The client
A UK- based couple approached Articus to complete a residential remortgage as their current mortgage product was coming to an end, both clients received solely pension income and were over the age of 70. Despite having significant savings, they request our assistance in securing a new mortgage.
The property in question was their family home in the South West of England, worth £1.5m. Our objective was to secure a small advance of £400,000 on a full interest-only basis to keep their monthly payments as low as possible.
Our solution
This case faced a challenge due to the age of the applicants, who were over 70 years old.
It became crucial for us to find a lender who would consider the future pension income as security. Certain traditional lenders on the high street were unable to provide assistance in this case as they are hesitant to lend to individuals who are over 70 years old.
By handling the matter carefully, we manage to secure a highly competitive interest rate with a reputable building society. They were able to estimate the future income from the pension. As a result of this, we were able to lend the necessary amount.
The client expressed their satisfaction with the result and we were pleased to have delivered a very positive outcome. Get in touch with us today!