Roger and Pat Dalton are retired British expats living in Europe. Their current mortgage, of £2,825,000 for a Central London property valued at £6,000,000, was with a private bank and was coming to the end of term. However, the private bank was not prepared to extend the term due to the Daltons ages of 76 and 76, and had changed their criteria to no longer lend to Expats.
 
The Daltons had healthy savings and pension income to cover lifestyle, however the mainstream lenders they spoke to deemed their income insufficient to meet affordability, despite the fact they had a very healthy investment portfolio valued in excess of £6,000,000.
 
Selling the property was an option, but the Daltons were reluctant due to the market conditions, and they also use the property on their frequent visits to see their family in the UK. 
 
Luckily we were able to help
 
At Family Building Society, we were able to offer a 5 year term on Interest-Only as the clients were intending to pay off the mortgage with the sale of the property. For affordability, we used 80% of the investment portfolio, divided by the mortgage term for affordability. This worked out to be £960,000 p.a.

As the clients have sufficient pension income and savings to cover lifestyle, we were happy that the Daltons were self-funding.

Our team of BDMs now cover the whole of England and Wales, plus some areas of Scotland, and are all ready to answer your queries and guide you through the application process.