£800,000 residential remortgage for client aged over 70

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Tuesday January 17, 2017

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Case Profile

The client wanted to remortgage his residential property; however, due to his age, income and proposed repayment strategy, finding a lender willing to take a view on his circumstances was a challenge.

The client wished to remortgage the current mortgage, which was due to expire within 6 months. Along with the remortgage he also wanted to raise additional capital to service another loan.

The client was due to turn 71 on his next birthday. This created a challenge in securing a loan as his current lender, along with most mainstream lenders, normally only lend to borrowers up to a maximum age of 75. As most would require a minimum mortgage term of 5 years this would exclude him from most mainstream lenders. In addition to his age, the client’s income did not meet most lenders’ affordability criteria.

Furthermore, the client wanted an interest only repayment option (to reduce his monthly costs), using the future sale of his shares in his company as a repayment vehicle.


Using our extensive experience in arranging large and complex mortgages we were able to find a remortgage solution for the client. We sourced a lender who would consider the client’s circumstances in more depth and offer a bespoke solution.

After putting the client’s case together and presenting it to the lender, they accepted the client’s requirements and income. The future sale of the client’s company shares were also accepted as the repayment vehicle.

The client was happy with the mortgage terms and was able to proceed with remortgaging his property.

Deal Highlights

Loan amount:£800,000
Rate:2.29% discounted for 3 years
APR:Overall cost for comparison 3.60% APR representative variable
Term:5 years
Type:Interest only
Loan purpose:Remortgage
Lender’s arrangement fee:£995
Early repayment charges:3% for the first 3 years


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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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 3.60%APR representative variable based on 5 years at 2.29%. Lender’s arrangement fees of £995. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

largemortgageloans.com is a trading name of largemortgageloans.com Ltd. A fee of up to 1.17% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £1,000,000 the fee would be £11,700 of which £2,925 would be payable on application. The precise amount will depend on your circumstances.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.

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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.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk. The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending. Largemortgageloans.com Ltd is a licensed credit broker, and not a lender.

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Largemortgageloans is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London