Over 55 Buy-to-Let Lifestyle Option

About Ben

Ben is in his early 70s and owns a buy-to-let property in London. Fifteen years ago he took out an interest-only mortgage of £100,000 against this property, which has since increased in value from £170,000 to £650,000.

He currently pays over £7,000 per year in interest payments and would prefer to put the money towards his retirement instead. He can’t re-mortgage the property using a mainstream lender as he’s retired and doesn’t meet their minimum income requirements.

Ben gets in touch with his financial adviser to discuss his options.

I wanted to raise some money to repay the mortgage, but thought my only option was to sell the property

No more mortgage repayments

His financial adviser confirms that traditional lenders will not lend to him, so he recommends an Over 55 Buy-to-Let mortgage instead.

His financial adviser recommends our Over 55 Buy-to-Let Lifestyle Option, meaning Ben won’t be subject to affordability checks or minimum income requirements. This later life mortgage comes with no monthly repayments, which means Ben can use the money to fund his retirement instead. 

Using our Buy-to-Let Lifestyle Option, Ben was able to repay his mortgage, retain his property and top up his pension income by £7,000.

Important information

This case study is a worked example and is for illustrative purposes only. We have taken care to ensure the information is accurate, but we accept no liability for any of the information we provide that you decide to use or for the suitability of any of the statements made. Individual financial advice and tax advice should be sought prior to taking out a lifetime mortgage, as releasing equity can change the inheritance tax position of the borrower and their estate, as well as potentially altering their eligibility for welfare benefits.