Loan Amount: £600,000
Finance Category: Residential Mortgage
A married couple in their 80s approached Fox Davidson with a requirement to raise funds to buy a retirement home.
The couple had several properties in Bath including their main residence and several buy to lets, all mortgage free.
The couple from Bath had already spoken to a mortgage broker at a high net worth estate agent in the centre of Bath.
The estate agents broker had recommended bridging finance and the terms were unworkable for the clients and put pressure on them to redeem the finance in 12 months, something they were not comfortable with.
After searching the internet they found Fox Davidson’s central Bath office and sent us an email.
The next day one of our brokers met the clients at their home in Lansdown, Bath.
Following a fact find meeting we established that the funds were required for more than 12 months and likely 3 years plus and so we decided to look at a buy to let mortgage on an existing property they owned and which was being rented out.
The property was valued at approx. £1.7m and passing rent was £5,000pm.
The property in Bath was mortgage-free.
We approached a building society that does not discriminate against clients because of age (note that many do, sadly).
We secured a loan of £600,000, interest-only at a rate of 3.99% for 3 years.
The mortgage offer was in place within 4 weeks and the clients were able to purchase their retirement property.
Mortgages For Retirement Homes
As an independent mortgage broker, we can secure buy-to-let mortgages in Bath, commercial mortgages in Bath and second charge loans on property in Bath.
If you live in Bath and require mortgage advice in Bath then get in touch with Fox Davidson and one of our brokers would be delighted to meet at your home address or our central Bath offices.
For more information on buy-to-let finance in Bath, please email email@example.com or call us on 0117 989 7950.