We were approached by a married couple – both professional landlords with a joint portfolio of five rental properties.
They were looking to save money by remortgaging their home to raise enough capital to pay off one of their buy to let mortgages.
Their home is a three-bed semi-detached property in North East London.
The clients were hoping for a ten year term to keep repayments down, but already both in their mid-60s they knew their age would restrict the options available.
Most lenders require that borrowers are no older than 70 at the end of the mortgage term.
Fortunately, we have direct access to an intermediary only lender which offered a ten year term on the basis that the clients are both self-employed landlords whose ages would not exceed the 75 year maximum upper age limit at the end of the mortgage.
Here are the details of the deal:
Property value: £775,000
Loan amount: £110,000
Rate: 2.09% 2 years fixed
Term: 10 years capital and interest
Lender arrangement fee: Nil
Mortgage payment: £1,014 pcm
Consultant: Jeni Browne, 01732 471602