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As one of our brokers you can source client solutions across multiple sectors, submit and track their cases 24/7.
Need to register? Click here to start using our sourcing and case management system
Call us:01277 561 116
A couple were nearing retirement, with minimal provisions for a comfortable retirement, and their only asset available was the main residential property. Their property was unencumbered and worth approximately £400,000. The clients wished to utilise the asset to generate a sensible income to enjoy retirement. It was advised that the purchase of high yielding buy-to-let properties would be a way of investing the capital to generate a monthly income and potentially capital growth.
The clients had limited income so it was not possible to obtain a standard residential mortgage due to affordability assessments. There was no intention for the clients to move home and therefore a lifetime mortgage lent itself to this scenario as there are no affordability checks as the underwriting is based on the age of the client and the property valuation.
Using our lifetime mortgage lenders, we were able to source a lifetime mortgage to raise £100,000 with, no valuation fees or any upfront costs and no monthly repayments as the interest can be added to the loan. This has allowed the client to divide this sum into 6 deposits to purchase BTL properties in the North East that generate approximately £370 per month, per property after the mortgage has been paid and therefore allowing the clients to retire.
READ about our later life lending product of the month
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