Successful Refinance on High-Value Home for COO Facing Retirement

Imagine nearing retirement, not wanting to sell but having an outstanding mortgage you need to refinance to remain in your home. This was the reality for our client, a COO of a London-based Law firm.

Our Clients Requirements 

With a mortgage of £400,000 on his £1.8 million property, our client required a solution to clear the outstanding mortgage without selling his home, all the while remaining comfortable with manageable repayments. 

The challenge? Most lenders limit terms to nine years, exceeding our client’s expected retirement window. Additionally, our client’s current lender demanded immediate repayment that required a solution within days and full redemption the following month, making time of the essence. 

Exploring the Options

Understanding our client’s urgency and financial situation, we took a comprehensive approach, evaluating all available options to find the ideal fit. 

After analysing every potential option, we secured our client a 14-year capital and interest repayment mortgage with a high street lender. This was a fantastic result that factored in an extended term surpassing the “conventional” retirement age limit, enabling lower monthly payments to align with our client’s budget, and allowing him to comfortably manage repayments. The lender’s terms even considered potential employment until 75, providing exceptional flexibility for our client.

To offer our client further stability amidst fluctuating rates, we secured him a 2-year fixed rate, allowing for a comprehensive review of his lending needs after the initial period. 

Our Tailored Approach

This case required swift action to secure a quick solution for our client. Thankfully, we were able to leverage our strong relationships with lenders to obtain our client a mortgage offer within four working days, ensuring to meet the existing lender’s requirements and most importantly, allowing our client to remain in his home. 

Stephen Bourke, Senior Mortgage and Protection Adviser at Henry Dannell, commented: “Delivering these exceptional outcomes is what drives us as mortgage advisers. Helping a client remain in their home during such a complex situation is incredibly rewarding. Our ability to understand individual needs and target research to the most suitable lenders leads to swift and satisfying outcomes for our clients.”

Going Beyond the Mortgage

We understand the stress involved in securing a mortgage and we work with you to alleviate that stress, liaising with all parties on your behalf to ensure a swift solution meeting your objectives. But for us, it doesn’t end there, as will be the case for this client, his new deal will expire in two years and we’ll be on hand to present the next best options fitting his objectives and perhaps a whole new set of circumstances.

For support securing your remortgage, please feel free to contact our specialist team.

Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. 

Author:
Stephen Bourke
Senior Mortgage & Protection Adviser
CONTACT

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