Though their home is the hub of the family, their plan is to downsize in the local area over the next few years as the space will become too big for them once Zara and her husband, Akhil leave.
With lower income as they’ve grown older, Malcolm and Amanda weren’t sure of their next options, so they reached out to a broker they’d previously worked with, Kathy. Kathy had recently worked on a case for another couple looking to do interest only. As a result, she called her underwriter directly to chat through Malcom and Amanda’s application.
We worked with Kathy to organise an interest only mortgage for another 10 years to give them an opportunity to extend their stay in their home.
This helped Malcom and Amanda keep their monthly payments lower, which in turn helped to unlock money in their monthly budget to help them remain in their family home.
At Pepper, we offer interest only up to 60% LTV, with earned income up to 75 (max age 80 at the end of term). With us, affordability is calculated on interest only, not capital repayment. With no changes to criteria and no minimum equity .
“We’re so grateful to Kathy and Pepper for setting up our interest only mortgage, allowing us to have more time with our children and grandchildren in our home. We were apprehensive about the process and if we’d be able to get what we needed, but with Pepper, we managed to get lower monthly payments than we were expecting.”
Malcolm and Amanda
If Malcolm and Amanda remind you of your customers, don’t think twice about your first choice for just-off-high-street customers.
BUSINESS DEVELOPMENT
There’s a range of support available to our intermediaries, including our experienced team of BDMs, and direct access to a Case Owner that helps make lending decisions.
Key Criteria
Interest only up to 60% LTV
Earned income up to 75 (max age 80 at the end of term)
No changes to criteria and no minimum equity on interest only
Service
Supported by:
No painstaking paper work
Direct access to underwriters
Less time consuming process
Need help with your mortgage case?
To discuss a case, or find out more about our products, call our experienced team. Ready to submit? Log into the application portal to get started, or register if it’s your first case with Pepper Money.
Case study summary
- With lower income as they’ve got older, they were keen to organise an interest only mortgage to remain in their home for up to another 10 years.
- Their broker recommended Pepper, as we accept earned income up to the age of 75, with a maximum LTV on interest only of 60% LTV.
- Their affordability was calculated on interest only not capital repayment. With no changes to criteria and no minimum equity.
- The couple were able to keep their monthly payments down to free up their monthly budget and make sure they could spend time with their children and grandchildren in their family home.
CASE STUDIES
A little further reading
on how you can help your just-off-high-street customers
A Pepper Money case study – Interest Only
A Pepper Money case study – Self Employed
A Pepper Money case study – Concessionary Purchase
