CASE STUDY: Term extension for an older borrower
A retired applicant in her 70s was looking to borrow £90,000 for a residential remortgage with an LTV of around 65%. She was looking to redeem her existing mortgage with another specialist lender as the capital was due to be repaid in early 2017. The existing speciality lender was not able to extend the term so applicant was looking for another option. As a packager, we sourced a lender who agreed to the remortgage with an extended term on a Capital and Interest basis to ensure that the balance is repaid in full at the end of the term.
The borrower is in receipt of a pension and guaranteed benefit income and holds substantial savings with a number of high street providers. In addition, life cover was required to plan for future events.