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Later Life Lending

 

Recently we helped a 62-year-old client nearing the end of their mortgage term. Facing intense pressure to pay off the loan, the client feared they would be forced to sell their family home.

 > Key obstacles included:

  • Age: He required a mortgage term extending to retirement at age 80.
  • Income: Reliant on self-employed earnings from the most recent year’s accounts.
  • Credit history: Past blips meant limited access to many other lenders.
  • End-of-Term pressure: Risked losing home due to lender’s demand for full repayment.
  • Interest-Only preference: Needed to keep monthly payments manageable.

> Our Specialist Lending Solution

  • Extended term: Approved a 17-year mortgage aligned with retirement plans.
  • Interest-Only structure: Offered a £300,000 loan with affordable monthly payments.
  • Can-do underwriting: Accepted the latest accounts, viewing minor credit issues as immaterial.
Our client told us that our service was spot on and we literally saved the client’s home”.

We’re keen to help more clients aged 50 to 90+, even in situations where other lenders cannot.

Please let us know if we may be able to help you too!

Info@borderms.co.uk


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 Adverse Credit???  We are currently in receipt of a number of enquiries over the last few weeks where the client(s) have had relatively recent adverse, and they initially felt as though they had no way of getting on or taking their next step on the property ladder.    Here’s where we currently win an awful lot of business in Scotland a maximum LTV of 80% within our level 3 product range which would count for both residential purchases and remortgages:   No defaults /CCJs  registered  in the last 6 months (doesn’t have to have been satisfied or be being satisfied, no monetary value cap) Trust Deed/IVA  discharged  for 1+ years  Worst case status 3 on an unsecured loan within the last 12 months Client(s) currently in a Debt Arrangement Scheme (DAS) that has been maintained for at least the last 12 months No set criteria on utilities No set criteria on credit cards   Don’t forget: Latest years income for self-employed considered Lendi...
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