Remortgage for a semi-retired couple

With our recent entry to the specialist remortgage market, UTB was able to assist a semi-retired, self-employed couple re-mortgage their home and consolidate most of their existing credit, releasing over £500 per month of disposable income.

Our applicants had just over a year of their interest-only mortgage left to run but no means to repay the capital aside from selling their home or one of the properties from their Buy to Let (BTL) portfolio, neither of which they wished to do. They wanted to remain in the bungalow they had lived in for the past 15 years but as they were both in their 60’s, self-employed and semi-retired, they were finding their choice of affordable remortgages to be limited.

The applicants discussed their options with their Credit Intermediary, who was an approved introducer for UTB. Together they completed a fact find and established that United Trust Bank had a loan that suited their needs. They could reduce their outgoings and spread the cost of their mortgage into retirement. The majority of their income was from their small, manageable BTL portfolio. These generated enough income, as evidenced from the last two years Tax calculation and Tax Year Overviews for each applicant, to service our loan. We also had comfort knowing that the sale of one or more of the BTL properties would be sufficient to repay our loan in full, if the management of the properties became too much and they decided to retire completely.

The application for a 5 year fixed rate was submitted and a valuer instructed. When the valuation report was received by the Bank we were able to issue the mortgage offer and complete the transaction soon afterwards.

  • Married couple
  • £277,000
Loan Type
  • Remortgage – 5 year fixed rate
  • Kent
  • 43%
Loan Term
  • 16 years 6 months
Loan reason
  • Repay existing mortgage and debt consolidation
 Special Features
  • Borrowers self-employed and semi-retired