Paula (62) and Barry (68) have a mortgage on their property of £150,000 which has come to the end of its term. Their property is worth £250,000 so they’re looking to extend the term on their 60% LTV mortgage.

Paula is a self employed accountant earning on average £32,000 per annum and Barry is retired receiving state pension and a small personal pension totalling £15,000 per annum.

What’s their lending problem?

Paula and Barry are struggling to find a lender that will take both their incomes into account due to their ages and have spoken to their mortgage broker for advice.

Overview

• Paula, 62 is self employed and earns £32,000.
• Barry, 68 is retired with pension income of £15,000.
• Existing mortgage for £150,000 is at the end of term and they’re wanting to extend.