Over 65 and looking for a large mortgage? Find out how our team could help

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This year, the Financial Conduct Authority released figures which suggest that 40% of borrowers who took out a mortgage in 2017 will be aged over 65 by the time their mortgage matures[i]. Later life lending is increasingly becoming a mainstream requirement as people live and work much later in life. Although a number of High Street lenders have launched products for this market, when it comes to large mortgages, our clients consistently find that they require specialist expertise from our team to ensure their specific requirements are catered for.

Case profile

Our recent case involved a client who was nearing 70 years old and well established in the medical profession, with no plans to retire in the next decade. They required a £700,000 mortgage on a £1.5m family home with a plan to secure finance for 10 years, at which point they would downsize and retire.

As expected in this profession, the client’s income stream came from numerous sources, including the NHS, private practice, offshore work and consultancy. Therefore, the lender needed to be able to factor all income streams into account when considering the case.

Solution

Our Associate Director, Daniel Gracie, presented our client’s case to a lender who took a realistic and pragmatic approach, basing their decision on the client’s individual case rather than a ‘tick box’ exercise. Having fully understood our client’s requirements, we secured a five-year, fixed rate, interest only remortgage which allowed the client flexibility to retire and downsize earlier should they so wish.

[i] https://www.fca.org.uk/publication/corporate/sector-views-january-2019.pdf

 

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

A lifetime mortgage is a loan secured against your home. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up the repayments on your mortgage.

Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits. Home reversion plans and lifetime mortgages are complex products. To understand the features and risks, ask for a personalised illustration. If you are in doubt, seek independent legal and financial advice. 

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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 Limited is registered with the Guernsey Financial Services Commission, reference number: 2269418, as a Non-Regulated Financial Services Business.  

Largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: As above. The guidance and advice contained within the website are subject to the UK regulatory regime and is primarily targeted at UK customers. Calls may be recorded for training and monitoring.