Self employed loan for home improvements using widower’s pension as main income


A client was recently introduced to Enness through a recommendation, as he was looking to capital raise on his main residence for home improvements. This was an unencumbered property worth £410,000 based in Surrey, and my client was a self employed owner of a limited company in his fifties.

The main problem we faced with securing this loan was the fact that my client’s main source of income was a widower’s pension. Sadly his wife had not long passed away, the effects of which understandably caused business to slip away, leaving a very small amount of profit left in the company to work with.

Because my client had no employment income at that time, I needed to source a lender who would be willing to consider 100% of the widower’s pension while taking no other profits into account for affordability.

The first lender I contacted was unwilling to accept my client, yet this was based on his age as opposed to affordability, because the term available would have taken him past the lender’s age limit. This meant we would have to prove his own means of pension income as well as affordability, causing more work and unnecessary complications for all involved. This lender would also charge for unnecessary legal work on an unencumbered property.

Luckily, I was able to find an alternative lender who was offering the same rate but with much better remortgage incentives. Not only this, this lender was able to offer very generous income multiples and had a non-restrictive retirement lending cap. I managed to secure the deal within a week, on a much better product than offered from the first lender.


I obtained a 2 year fixed tracker loan at a rate of 1.44% on an 8 year term, which also came with free legal work. As a client with first-hand experience of how important financial protection is, we have also arranged protection through Enness Global Insurance. This was an excellent result for my client, providing the necessary funds to support his home improvement plans and leave him with peace of mind at a very difficult time.

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