Remortgage for a retired couple
9TH MAR 2021
We’ll help you find a remortgage solution for older borrowers
At MHBS, our new range of products exclusively for remortgage cases is designed to help you find a solution for clients looking to borrow between £200k and £3m. With a flat £995 product fee, the range covers a wide variety of scenarios. Here’s an example of a remortgage we recently agreed for some older borrowers.
Specialist Lending Manager, Dan, recently helped with an application from a retired couple looking for a residential remortgage on an interest-only basis. Their existing mortgage is due to end this year, but they are not ready to downsize from their current property.
We agreed a five-year discounted product with a pay rate of 2.49% and a flat £995 product fee. This solution reflected all of the clients’ requirements and included the following features:
- Like-for-like remortgage
- Interest only
- Term to age 85
- Pension income
- Sale and downsize strategy
- Below 60% LTV
Specialist Lending Manager, Dan, said “It can be tricky for people to remortgage if they are retired, but our flexible approach allows us to consider a variety of income types and repayment strategies. Based on their pension income, in this situation we were happy to build a remortgage product that would allow the clients to stay in their current home.”
Article details are correct as at 9 March 2021. For our latest product information and criteria please talk to your Specialist Lending Manager. This is a recent case example, pricing is tailored to your clients’ individual circumstances.