The clients are a retired married couple with just their pension as income. They had purchased their 4-bed, detached family home back in 2005 and only had a small percentage left to pay on their mortgage.
They were looking to modernise their home, so wanted to raise £130k against the property for home improvements, but were keen to keep their repayments down.
The main challenge was to find a lender who would accept just their pensions as income and let the couple continue to pay off the mortgage until the age of 75.
Fortunately we found a lender who could help and offer a three year fixed rate at just 2.19%.
Here are the details of the deal:
Property value: £500,000
Loan amount: £130,000
Rate: 2.19% 3 year fixed
Term: 10 years
Mortgage payments: £1,207 pcm
Lender arrangement fee: £995
Completion date: March 2015
Consultant: Andy McOwat
Tel: 01625 416396