BTL remortgage for couple in their 70s
The clients: A couple in their 70s, both retired with income from their pensions and 7 rental properties. We have worked with the clients to finance their property portfolio on multiple occasions and have built a strong understanding of their circumstances.
Reaching the end of its mortgage term, the couple returned to Mortgages for Business to refinance one of their investment properties.
The property: A 2-bed mid terrace in East Sussex, let to a young family. The clients purchased the property back in 2006, which had increased in value by £93,000 due to property demand in the area. The terrace is a short walk from the nearby seafront, local train station and high street.
The finance: £130,000 was outstanding on the rental property. The clients wanted to raise £140,000 to pay off the existing mortgage and cover additional costs. They had requested a 5-year fixed rate on an interest only basis. Due to their age, most lenders would only offer a new maximum term of 10 years. The clients required a term of 25 years and were keen to find a competitive rate.
The application process: After looking into the options available, we found a product to match the client’s requirements with a lender who has no maximum age limit on applications lower than 65% LTV.
Along with the standard application form, we submitted three months’ worth of bank statements and the applicants’ proof of address and identification.
The clients were delighted to receive an offer just eight working days of submitting the application. The 25 year term would allow the clients to borrow up to their 100th birthday!
This case completed in less than one month of the submitting application. Here are the details: