| Property | Two-bedroom apartment |
|---|---|
| Location | Windermere, Cumbria |
| Client | Retired couple, aged 68 and 66, with pension and investment income |
| Product | Holiday let mortgages |
The challenge
Many lenders set a maximum age at the end of the mortgage term, which ruled out a sensible term for this couple. Their income came from pensions and investments, not employment.
What we did
We targeted lenders with higher or no maximum age limits for buy-to-let and holiday let lending. The holiday letting projections supported most of the affordability, with pension income as backup. We discussed how the loan would be repaid, including the possible sale of the property in future.
The outcome
The couple completed on an interest-only basis with a repayment plan they were comfortable with.
Holiday let mortgagesMortgages for short-term and holiday lets, including furnished cottages and city serviced lets.
Learn moreImportant: Most buy-to-let mortgages are not regulated by the FCA. Your property may be repossessed if you do not keep up repayments, and a receiver of rent may be appointed.