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Scenario

Single, 92 year old retired applicant looking to make a new home purchase.   The borrower had previously been rejected by numerous High Street Lenders due to her age, leaving very few options available in which to enable her to purchase the new property that she had fallen in love with.

Outcome

By applying our common-sense approach and looking at other factors beyond her age, it was apparent that by using two pension income streams and state benefit allowance that the borrower could comfortably afford the loan repayments. 

This resulted in us being able to offer our 5-year fixed product and grant the full loan requested.  Our applicant was able to purchase her new penthouse apartment and she is delighted to be moving in shortly.

Scenario

Retired 75 year old single applicant who has been effectively homeless for the last two years and has been lodging with a friend.

Due to the borrowers personal circumstances, some adverse debt had arisen which coupled with the borrowers age, meant that they no longer qualified for a traditional High Street lender.

Outcome

We were able to apply our common-sense approach and look beyond the borrowers age and current circumstances.   

It was evident that the borrowers personal pension could demonstrate that there was plausible income and based on this our life time fixed interest only product enabled us to lend the full £145,000 (at 67.5% LTV) required. 

This enabled the borrower to clear all outstanding debts and complete the purchase of the new home which she can finally call her own.

Scenario

Single 78 year old retired applicant looking to downsize. The borrower was currently living in temporary rented accommodation whilst waiting for the new property to be constructed and the sale of the previous property already completed.

Due to the borrowers age, all traditional High Street lenders had been exhausted, leaving very few options (especially when an interest only mortgage was required at a specific LTV). 

Outcome

Our 7-year fixed product at 68% LTV offered the borrower the solution required and delivered some much needed peace of mind.  Due to delays imposed by the vendor with the new purchase, the borrower was left feeling very uncertain in meeting the offer timeframes. 

We were able to provide consistent reassurance and communication to the borrower throughout the process and our flexibility enabled us to extended the mortgage offer allowing eventual completion and long term security for the customer.

Scenario

Single, retired, 87 year old applicant with an end of term imminent with existing
lender.  Due to her age and high LTV required, all other High Street
lender options had been exhausted and it was looking that the only viable
option left was for her to sell the property she had lived in all her life and
move into rented accommodation.



Outcome

Our life time fixed interest only product enabled her to obtain the full 75% LTV required and her personal pension demonstrated that there was plausible income evident.

By applying our common-sense approach and looking at other factors beyond her age, we were able to grant the full loan amount requested of £85k which has enabled the lady to remain in her property and continue enjoying her later life years.

With our fix for life product, the lady will never need another mortgage and with no set deadline for repayment, she will never face an end of term demand again.

Scenario

Single retired applicant, transfer of equity and looking to take out a new Interest Only mortgage for the remainder of their retirement.  Their current lender was demanding repayment and due to their age they no longer qualified for the traditional High Street lenders products.

Outcome

We were able to offer the full loan amount by using an indefinite retirement age for a small employed income stream.  This enabled the customer to clear their first charge mortgage and have additional funds available to purchase a buy to let 2nd property.

Scenario

Self employed semi-retired couple, coming to the end of their current mortgage term, wanting a new product to take through to retirement based on their ongoing income from the business.

Outcome

Our pragmatic and human approach to underwriting allowed us to review the business accounts and consider the nature of the customers roles within the business.  The result was that we were comfortable that they would receive a salary for the life of the loan, which enabled us to proceed with their application.

Scenario

Retired couple, past maturity with current lender and placed under great pressure to clear capital from existing loan.  No longer fits criteria with current lender due to age and no longer qualifies for a traditional High Street lender but does have existing buy to let properties as additional assets.

Outcome

By ensuring that the combined existing buy-to-let holdings would transfer to surviving applicant upon first death, we were able to class the ongoing rent from these properties as an income stream. The couple were granted the full amount requested, which enabled them to remain in their family home and enjoy the remainder of their retirement.

Scenario

Single retired applicant, with young dependant living at home, looking to repay first charge mortgage as the end of its term was imminent. He also wanted to raise additional capital to consolidate some other borrowings.  

Outcome

Our pragmatic and human approach to underwriting allowed us to review his debts and monthly outgoings and suggest, with advice being offered by the Intermediary, a restructured payment plan which enabled him to consolidate his existing mortgage and two unsecured loans.  This improved his monthly disposable income by over £200 per month.

Scenario

Retired couple in their 60’s looking for a capital raise to consolidate unsecured debt, with the additional financial security of a pension fund.

Outcome

We were able to offer the full loan amount (more than £250k) requested, which enabled consolidation of the existing debts which reduced the customers expenditure by over £2000 per month in unsecured debt payments.  It allowed them to fully clear their debt, support dependants and enjoy their retirement.

Scenario

Semi-retired couple looking for a purchase mortgage of more than £600k.  Mr is currently self employed and a 50% shareholder in the business and intends to continue working in an oversight capacity way past a ‘normal’ retirement age.

Outcome

We reviewed documentation and undertook discussions with the couple’s accountant to ascertain the plausibility of the customers income into the future. This enabled us to consider the self-employed income for the life of the loan. The customers also had life policies in place and some pension income to fall back on if required.  We were able to offer the full loan amount requested and the couple were able to purchase their dream property.