Many second mortgage lenders have recently relaxed their lending policies for older customers, increasing maximum age limits as well as lengthening term options.

Precise mortgages now offer 35 year terms and Step One have removed maximum age limits entirely. This means that we can now help you better cater for older clientele.

Recently we had a case with applicants aged 64 and 58 who needed to reduce their monthly repayments for unsecured debts totaling £84k or risk significantly reducing their credit score and creditworthiness. While the customers were keen to minimize monthly repayments, they actually planned to clear the debts completely in a couple of years once the eldest applicant qualified for a lump sum from his annuity.

We successfully reduced their monthly repayments by £600 by offering the £84k over 360 months on a second mortgage. With no ERC’s the customers still plan to clear the debt in two years time, but in the meantime, slashed monthly repayments have given the couple the breathing space they needed.

If you have older customers that you’re struggling to place, give us a call on 0345 450 4678, we’ll always do our best to help. Also, Loan.co.uk has a regional operating structure which means that we can often get out to see you and your customers face to face, something particularly valued by older clients.