Our client’s mortgage term was coming to an end with Santander and the bank was not keen to extend their term by more than five years.
As the couple, Norman Patient aged 69 and Alison Patient aged 60, did not plan to sell their home and downsize anytime soon, they wanted to remortgage to another lender happy to offer them a longer mortgage term.
Case details and solution
Trinity approached the Market Harborough Building Society as they have an attractive proposition for older borrowers – particularly if they have pension and investment income.
Property: House valued at £350,000 in Ferndown, Dorset.
Mortgage rate: Term discounted tracker rate at 3.99% - 1.50% discount from the lenders standard variable rate, currently 5.49%.
Lenders arrangement fee: £930 and added to the loan.
APR: The overall cost for comparison is 4.2%.
Term: 10 years.
Repayment type: 50% on interest-only and 50% on capital repayment.
Loan-to-value: Approximately 40% of the property value.
Early repayment charge: 2% of the balance repaid for the first two years.
If you are an older borrower looking for help to remortgage, call Trinity on 020 7016 0790. You can also email: firstname.lastname@example.org