Older client remortgages home onto capital and interest repayment term

We were approached by a woman aged 63 who was looking to refinance her home because her existing mortgage was interest only and she was concerned for her future financial security.

The mortgage had only 18 months left to run and she was keen to switch to capital and repayment terms for as long as possible.

Her existing lender would not lend past 70, so we looked for another provider.

The client chose the following deal from a mainstream lender which has an upper age limit of 75 years.

The application went through without a hitch and will mean that the woman owns her home outright at the end of the mortgage.

Here are the details:

Property value: £400,000

Loan amount: £54,000

LTV: 13%

Lender arrangement fee: Nil

Rate: 2.79% 5 year fixed

Term: 11 years capital & interest

Mortgage payments: £475 pcm

Previous mortgage payments: £179 pcm

Consultant: Beckie Pepperrell, 01732 471602