Pilot’s Pension Powers Interest Only Mortgage For Berkshire Home

Pilot’s Pension Powers Interest Only Mortgage For Berkshire Home

Area
Berkshire
Capital Raised
£700K

Well-connected brokers don’t take No for an answer,. Looking closely at every lending criteria can make the sums add up for both lender and client.

The Scenario

Our client was a 64-year-old airline pilot whose 25-year interest-only mortgage on his substantial Berkshire home was coming to the end of term. He wanted to remortgage interest-only, planning to downsize in two years’ time, after two of his children had finished university.

He had an outstanding mortgage of £525K on the house which was now valued at £1.4M, but he faced two significant issues: age and equity.

Most high-street banks are unwilling to grant interest-only mortgages to borrowers of his age, because of capital repayment concerns.

And because he had been on an interest-only mortgage, he hadn’t built up the required equity in his property, despite its increase in value.

Lenders need to feel confident that borrowers will be able to repay the outstanding capital sum. Most require that the borrower has at least 50% equity in the property.  

The Solution

Discussions revealed that our client had been paying discretionary earnings into British Airways’ generous pension scheme. He had started his career flying for the airline 37 years previously and had built up a pension pot which would yield £71K a year.

We persuaded our lender to use our client’s substantial pension savings to offset the shortfall in equity and the terms were agreed upon within 18 days.

In a similar situation? Please call our expat team on 0203 900 4322 or book a callback into our diary at a time that suits you.

Alex Morris

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