A few more years please

The Client
An Architect for 40 years our client, Tim, was approaching the end of his mortgage term. He and his wife were very concerned as Tim was in his seventies and their mortgage term had only 18 months left to run. As the mortgage was an interest only mortgage, the debt remained at £300,000 and was reducing with monthly capital repayments.

The Challenge
Tim wanted to carry on working for a few more years before retiring and the income from his business enabled him to afford to pay the mortgage. Tim had a commercial building that he operated from and when he retired he would look to sell it and repay his own mortgage. The problem was, his existing lender wasn't happy to extend the term on his mortgage and was demanding the mortgage to be repaid at the end of the term. Tim understandably didn’t want to leave things to the last minute so was looking for an interest only mortgage for another three years until he decided to retire.

The Solution
We secured Tim a 5 year mortgage term enabling him to retire when he wanted to and not be forced to sell his business premises prematurely. The mortgage was an interest only mortgage which was affordable and the debt would be repaid once the commercial unit was sold. The lender was happy with the case, offered the loan and Tim now doesn't have to worry about packing up shop early. Stress gone!