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A multi-generation remortgage on a complex property

As more people enjoy the benefits of communal living, we’ve launched a range of multi-generation mortgage and remortgage solutions designed for families and groups of friends.

Suitable for using the income from up to four applicants, our products can be tailored to the needs of each individual scenario. In addition, we cater for a wide range of complexities including unusual properties, non-standard income sources and lending into retirement.

Whether it’s a group of friends pooling resources to get on the property ladder or an extended family caring for one another and benefiting from shared utility bills, we’ll help you find the ideal solution.

The clients’ scenario

Recently, we agreed a multi-generation mortgage for a retired couple, plus their daughter and son-in-law. They were looking to remortgage their complex property, which had outbuildings and several acres of paddock land. With a total of four dwellings on the title, the property included a residence for each couple and two rented homes.

The family wished to remortgage the property, raise capital and repay the original debt that was secured on buy to let properties.

Our solution

By taking in to account the buy to let property income, rent-a-room income, and pensions we were able to offer the family a repayment solution that met their needs:

• Multiple properties taken as security
• Complex property including large acreage and multi-units
• Four borrowers and their income taken into account
• Consent to let
• Flat-rate product fee of £995 – available for all remortgages up to £1.5m

Working together was key

Reflecting on this case, Specialist Business Development Manager Dan Hopper said “Our new range of products can offer the perfect solution for groups looking to share the responsibility of a mortgage.
Like many multi-generation scenarios, this case had a variety of complications. We took them all in our stride and our flexible approach allowed us to take multiple properties as security and consider a variety of income sources. Our multi-generation range allows us to use the income from all four applicants to assess the affordability. We were pleased to offer the clients the solution they needed to live on the same plot with a joint mortgage.”

Specialist lending solutions from an award-winning lender

To find out more about our multi-generation products please call one of our Specialist Business Development Managers on 01858 412345. They are happy to chat through individual cases and talk about how we can help.

This is a recent case example, pricing is tailored to your clients’ individual circumstances. Article details are correct as of 21 March 2023.

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