Mortgages for Business is committed to keeping both our staff and clients safe during the COVID-19 outbreak while maintaining the best service possible. Our teams are working from home, but don’t worry, you can still contact us in the usual ways.
To read our comprehensive FAQ guide on how the emergency interest rate reduction and Coronavirus outbreak could affect your mortgage, please click here.
If you want to request a payment holiday, please contact your lender directly. For lender contact details, click here.

73 year old landlord gets 25 year term remortgage & saves £266 pcm

We were approached by a very experienced landlord looking to refinance a three-bed town house in Kent because his existing buy to let mortgage had reached its full term.

Despite his age he wanted another long a term loan and also hoped to reduce his monthly mortgage payments.

The majority of buy to let lenders set a maximum age limit of 75 years at the end of the loan, so the choice of provider was quite restricted.

There are a handful of lenders which stretch to 85 years but we found only one that will allow borrowers up to the age of 90. (There is a lender with no upper age limit but borrowers must be under 70 when they apply for the mortgage, which meant that our client didn’t qualify).

The landlord chose a two year discounted tracker with a term of 25 years. The rate offered allows him to reduce his mortgage payments by £266 pcm.

Here are the details:

Property value: £297,000

Loan amount: £215,000

LTV: 72%

Rate: 3.29% 2 year discounted tracker

Term: 25 years interest only

Mortgage payment: £601 pcm

Previous mortgage payment: £867 pcm

Borrower: Personal

Lender arrangement fee: 2% (£4,030)

Rental income: £1,200 pcm

Gross yield: 4.8% pa

Consultant: Nick Helm, 01732 471608

 

Consultant

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Get in contact with us: 0345 345 6788 or ...

Submit an enquiry
Arrange a call back