Case study: Later Life

Our Later Life mortgages are designed for clients aged 55 to 85 who are already retired and want a mortgage. Here's how we were able to support Jeff and Margaret with a Later Life solution. 

Meet Jeff and Margaret…

Jeff and Margaret are both in their 70s and own their family home valued at £450,000. Their son lives with them and wants to get on the housing ladder. They want to gift him £145,000 as a deposit. They also have a small debt they want to consolidate.

What is their lending problem?

They have a varied stream of income; both state and private pensions as well as rental and investment incomes. They need a lender who will take these into account.

What was our solution?

Jeff and Margaret are looking for 32% LTV which is below our maximum of 70%, and the reason for borrowing is acceptable to us. We accept debt consolidation up to £30,000. We accept all types of pension income and rental income if it can be evidenced. We can accept 5% of the value of investment portfolios even if the funds aren’t being drawn on. As a result, we were able to offer a term to their 90th birthdays on an interest only basis, with downsizing as the repayment vehicle.