A Case Study we thought you may find interesting

Guaranteed pension income helping borrowers to build a much needed extension…

We received a joint application for a £75,000 loan on residential remortgage at a relatively low LTV. The applicant’s current property was unencumbered and they were looking to add a single story extension – submitting the application along with supporting documentation detailing the work to be carried out.

Both applicants are retired and in receipt of pension income which is guaranteed for life so we were happy to proceed on the term requested taking them both into their mid 80’s. We also made a recommendation that the applicants should look to obtain independent legal advice in order to assist with future planning.

A number of older borrowers are making life choices to improve their quality of life utilising the abundance of equity in their homes.