For customers in or approaching retirement, affordability can be a challenge when considering mortgage options.
Many have built up significant equity in their homes, but may no longer have the income level required by some lenders. This can make it more difficult to stay in the property they love while they plan their next move.
While some lenders may struggle to support this case, an interest-only mortgage could provide a suitable solution. It could help keep monthly payments manageable, giving the family more time together in their current home before they’re ready to downsize.
By taking a flexible approach to affordability, we can help customers remain in the home they love while they plan for the future.
At Pepper, we support your just-off-high-street customers with flexible criteria and human underwriting. Here’s how we could help in a case like this:
- Interest-only available up to 60% LTV
- Maximum age of 80 at end of term
- Earned income accepted up to age 75
- Minimum income of £18,000 per annum
- Affordability assessed on interest-only payments rather than capital repayment
Our core criteria remain the same – only the maximum LTV changes.
For further information and support, get in touch with your BDM to discuss our Just-Off-High-Street range, or visit our website to learn more.