Remortgage for a retired couple

Product News

9TH MAR 2021

Remortgage for a retired couple

 

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.

The case 
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.

Our solution 
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.”

Find out more about our remortgage solutions or call your nearest Specialist Lending Manager.

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.