Key Fact:

• LTV: 63%
• Loan Amount: £1,100,000
• Product: Main Residential Mortgage

Initial Circumstances:

We recently completed on a complex case for two senior applicants. They were looking for a pure interest only mortgage, with an LTV of up to 65%, on their main residence. They were also adding their son onto the mortgage and release equity from the property.  

A  high majority of lenders cap this at 50% and the remaining on repayment.

We recently completed on a complex case for two senior applicants. They were looking for a pure interest only mortgage, with an LTV of up to 65%, on their main residence. They were also adding their son onto the mortgage and release equity from the property.  

A  high majority of lenders cap this at 50% and the remaining on repayment.

Challenges facing borrowers:

One of the significant challenges with this case was the age of the applicants, the eldest being 80 by the end of the mortgage term.

On top of this, they also required a lender who would be happy to accept rental profits on mortgaged properties as personal income. Due to both applicants being retired, it was critical to find a lender who would be able to accommodate this, as they would otherwise not be able to pass the affordability for their new mortgage as their buy-to-let assets were their only source of income.

Loans Arena Solution:

We have long-standing relationships with our lenders, as well as access to exclusive market rates from one of the country’s leading Mortgage Networks. This means whether you’re looking for a High Street Bank or a specialist lenders – we’re ready to find the right mortgage product for you.

We were able to find the right mortgage lender that conformed to all the applicants’ requirements and successfully complete this transaction within the allocated timeline.

In need of a Buy-To-Let Mortgage? Contact our mortgage advisors directly and find out how we can help here.