The client was a professional landlord with 8 properties in PCL. The client was 68 years old, and her only income was the rental income of £600k per annum.
The client had accumulated her wealth in the second-hand luxury clothing market as the owner of a company in Kensington.
If you are looking for a mortgage over the age of 65, high street lenders may shy away from your application if they believe you intend to use it as a very short term facility. Private Banks and smaller building societies, however, will take a more personal, holistic approach and welcome all borrowers with a client-focused, case by case outlook.
The key factor when applying for a large mortgage over the age of 65, is for applicants to prove that they have enough pension or other investment income to service the debt.
We are proud to work with every type of lender across the market and are confident in our ability to find the best solution for our clients and present a case in the most appropriate and effective way, whatever their situation may be.
In this case, we secured a competitive interest rate of just 2.79%. Moreover, the loan was interest-only.