Securing a large mortgage to purchase a property can be challenging enough, but unfortunately, this is rarely the end of the story. To avoid your mortgage reverting to an expensive standard variable rate (SVR), you may need to remortgage several times throughout the life of your loan to reap the benefits of the best mortgage deals.
This process can be further complicated if you are now classed as an older borrower. Entering the older borrower bracket changes the way lenders see you, as most lenders have an upper age limit. As such, even your current lender may not be prepared to allow you to remortgage—particularly if your mortgage is currently with a high street bank.
Many high street banks use automated underwriting and tick-list criteria, creating barriers for older borrowers. Such cases require a holistic approach. Fortunately, we have access to a range of products from lenders whose bespoke underwriting approach allows them to cater for older borrowers.
Our product of the week is a 2-year discounted variable rate of 3%, suitable for either remortgaging or releasing equity on your property. This can be arranged on an interest only repayment basis, using the eventual sale of the property as an exit strategy. This product can be used for up to 75% loan to value (LTV) up to a maximum mortgage of £3.5million.
As this lender has no upper age limit, this is an excellent product if you are an older borrower looking to remortgage, release equity, or are coming to the end of your mortgage term and want to remain in the property for additional years. This lender’s manual underwriting approach will fully consider the scale and complexity of your income.
As an additional bonus, this product also benefits from no early repayment charges. This is ideal if your priority is freedom and flexibility, as you will not be penalised for remortgaging, selling, or making significant overpayments.
- 2-year discounted variable rate
- No ERCs
- 75% LTV
This lender is a great match for older borrowers, or indeed clients with complex income in general, as they will consider most UK incomes, including pensions, directors’ salary, directors’ loans, dividends and rental income.
If you are an older borrower who is currently looking to remortgage their property, please don’t hesitate to get in touch for a further discussion of how we can help you.