Versatility Case Study – cattery with unusual property and income mix

FOR INTERMEDIARY USE ONLY

Our specialist Versatility range is for complex circumstances and this case study is a recent example of a mortgage secured on a combined bungalow and cattery business:

• Remortgage with debt consolidation
• Property with right of way over land
• Part capital repayment part interest only
• Repayment strategy a combination of downsizing and the sale of two plots of land
• Two years self-employed history and pension income taken into consideration

A husband and wife were looking to remortgage to repay their existing mortgage, consolidate debts, complete home improvements and purchase a new car. They took out the mortgage over an 8 year term with the oldest applicant aged 62, taking them to their intended retirement age.

The property was a traditional bungalow with a large cattery on site, which was also the applicants’ source of income. As owners of the cattery business, 2 years self-employed accounts income were taken into consideration. In addition to the self-employed income, the applicants also had modest pension income from previous occupations.

Interest only with property downsizing, capital raising and debt consolidation are all available across our prime residential range. We’re pleased to have helped the borrowers and completed the mortgage on Versatility given the cattery business at the property and the right of way over the land.

If you have a case that needs a little Versatility, call our Intermediary Support team on 01623 676360.