| Property | Three-bedroom townhouse |
|---|---|
| Location | Richmond, London |
| Client | Self-employed management consultant, aged 66 |
| Product | Later-life mortgages |
The challenge
The client was downsizing but still needed to borrow, and planned to work until around 72. Several lenders capped the term at age 70 or would not count earned income beyond a set retirement age.
What we did
We found lenders with higher maximum ages that assess earned income until a realistic retirement date and pension income after it. We provided pension forecasts and his accounts. We explained the risk of relying on work income in later life and structured part of the loan on a repayment basis.
The outcome
The mortgage was approved at 36% loan to value on a term that ends before his 85th birthday.
Later-life mortgagesMortgages for borrowers aged 50 and over, including lending into retirement and retirement interest-only.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release and lifetime mortgages can reduce the value of your estate and may affect means-tested benefits.