| Mortgage Examples |
| The following are just a few examples of the type of mortgages the Society has approved during recent months. |
Mr. & Mrs. A. own an unencumbered property in England worth £400,000. They wish to buy a villa in Portugal for £250,000 which they will use as their own holiday home and also for holiday lets. When Mrs. A. retires in 3 years time, they will sell their home in England and buy a flat here. Half of the year will be spent in England and the remainder in Portugal. As well as their salaries, they have significant savings. |
Mrs. P. is in her 70's and wishes to pay her grandchildren's school fees and also reduce her IHT liability. She does not like the idea of a lifetime roll-up mortgage and prefers an interest-only. Her son and daughter are willing to act as guarantors as their outgoings will be less without the school fees to pay. |
Retired borrowers who have taken out a lifetime interest-only mortgage. They have a considerable pension income and will use the mortgage for home improvements, travel, inheritance tax planning and for their grandchildren's school fees. |
Single male client was approaching retirement with a substantial pension fund and significant assets, which he can utilise when it suits his circumstances. |
Remortgage for a professional client who had a fast expanding business. The additional monies will be used to build a large office at his home which he and his staff will use. |
First-time buyers required a loan where one of them had recently started a new job. Their parents acted as guarantors and they were able to put down a 25% deposit. |
High net worth individual who had been living and working in Europe, but had recently taken up a senior position in England. |
Couple who have tended to stay in a property for just over a year while they make major improvements - they then find another "project" and move on. |
Retired woman wanted to develop the plot at the bottom of her garden to enable her to raise sufficient funds so that she could remain in her home rather than move to a cheaper property. |
Client with income from various sources decided to buy a run-down cottage in an idyllic location. Once it has been refurbished the cottage will be utilised as a holiday let. |
Post-graduate student bought a house to live in. Two other students are sharing the house and paying her rent. Her parents are acting as guarantors. Although they have retired early, they have good pension income and significant investments. |
Lady owns an unencumbered shop with a flat above which are both let out. She is taking out a mortgage on the property so that she can make improvements to her own home. |
Couple took out a mortgage so that they could purchase a holiday home which they will use themselves and also let out. |
Lady with various sources of income applied for a modest mortgage to enable her to buy her ex-husband's share of their home. |
Couple obtained mortgage to purchase land to be used for grazing their horses. |
Two beneficiaries had inherited a property and one wished to buy the other's share. The property will then be modernised before being either let or sold. |
To discuss your requirements, either complete our on-line Enquiry form or telephone our Mortgage Department on 01582 765411. Building insurance cover is required and can be arranged by the Society. |
The Society is authorised and regulated by the
Financial Services Authority