£2 million residential remortgage for client over the age of 65

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Monday September 12, 2016

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Case Profile

Our client was looking to remortgage his current residence and raise capital in order to repay the cost of refurbishments. However, due to his age and his planned repayment strategy, finding a mortgage was a challenge.

Our client’s home, situated in London, is valued at over £3 million. He required a total loan of £2 million; this amount includes increasing his current outstanding mortgage in order to repay the refurbishment costs, and securing better terms and rates offered by his existing lender.

The challenge for the client was twofold. Firstly, he is over 65 years old and required an interest-only mortgage for a 3 year term. Secondly, he wanted to use the value of future shareholdings as a method of repaying the loan. He owns three companies and is planning on selling them in 3 years’ time, releasing a multi-million pound windfall.

He had approached his current lender but, given his age and repayment strategy, they were unable to help him.


After utilising our unique relationships with an extensive range of private bank contacts, we were able to find a lender who would take a view on the client’s repayment strategy and his age.

The main challenge we overcame was the lender’s reluctance to accept his reliance on the future value of his company shares. However, we successfully negotiated the remortgage for the client with two stipulations; firstly, the loan was to be written over an 8 year term and secondly, the client had to make capital lump sum repayments, in addition to the interest-only payments.

The client was happy with the mortgage deal and was able to remortgage his property and pay off the costs of the refurbishments.

Deal Highlights

Loan amount:£2,000,000
Rate:5.00% (A variable rate which is 4.00% above 3 Month LIBOR with a Floor (LIBOR), currently 1.00%)
APR:Overall cost for comparison 2.5% APR representative variable
Term:8 years
Type:Interest Only (with capital lump sum repayments)
Loan purpose:Remortgage
Lender’s arrangement fee:1.5% of loan amount
Early repayment charges:None


This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.

Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.

Overall cost for comparison 5.6% APR representative variable based on 8 years at 5%. Lender’s arrangement fee of 1.5% of the loan amount. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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