
15 year UK mortgage for 70 year old working in the Netherlands, paid in Euros
Many lenders now declare their willingness to offer mortgages that will mature when their borrowers are in their 80s or 90s. But sometimes it takes the intervention of a broker to find a deal that’s actually available, and get it on the table.
The Scenario
Our client is an eminent British jurist working in the Hague whose seniority extends to his age: he is 70, and his wife is 69.
Despite the publicised willingness of banks and building societies to now extend terms well beyond retirement age, the mortgage holders on this Leicestershire home weren’t willing to extend past their borrower’s 70th birthday.
He had an outstanding mortgage of £230K on a home valued at £875K, which had reverted to the lender’s SVR of 4.24%.
His annual earnings are over £100K sterling equivalent, paid in Euros. With decades of legal experience to draw upon he will be able to continue working as long as he wishes to. His priority was to find a mortgage extending for as long a term as possible – preferably until he is 80 or 85.
The Solution
High street lenders were disconcerted by our client’s age, and by the fact that he works in the Hague and has a second home there, and is paid in Euros.
We were able to establish that he clearly qualifies as a UK resident since he returns to Leicestershire every weekend. We found a lender who was happy to accept his Euro earnings and offer a 15-year mortgage which will take him to the age of 85.
The introductory two-year discounted deal, variable at the lender’s discretion, was cheaper than their fixed rate. At 2.39% his monthly mortgage repayments were halved from £3,000 a month to a very comfortable £1,500.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
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Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.