Portfolio Landlord Solution

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The Mortgage Girl finds a solution for retired portfolio landlords.

Unusual property and difficult mortgage solutions

At The Mortgage Girl, we pride ourselves on providing clients who have unusual property and difficult mortgage situations with positive solutions. As part of the Ocean group, we have four different brands which look after all clients through a range of products. This enables our Advisors to choose from a wealth of products from many types of lender across the whole market.

Mr & Mrs Jones were referred to us from our sister company Ocean Equity Release, as Equity Release was not suitable for them in this situation.

They are a married couple in their eighties, who own multiple Buy-to-Let properties in their town. The issue that they had was that one of their current rented properties was coming to the end of its interest-only mortgage term and the lender had contacted them to repay the outstanding mortgage. They did not have the means to repay the mortgage and were unable to find a lender who could help, firstly due to their ages and secondly due to their income type.

Over 80 and existing lender would not help

Having discussed their situation in detail, they did not want to sell the property, as the tenants that lived there had become their life-long friend. They could not bear the thought of kicking them out. They wanted to Remortgage the property, however, their existing lender would not allow this due to the couple being past their retirement age in their eighties.

Face to face advice

They approached us to help search the market and solve this problem. They visited our Plymouth office for an initial meeting and informed us that they do not use email and relied on contact via telephone and posted letters. We made them aware that letters could slow down the process, however, they did not mind and appreciated our honesty, but this is how they wished to proceed as they were not familiar with technology.

Stressful and anxious situation

Mrs Jones was also particularly stressed and anxious due to the worry of having to evict her friend. We spent significant time talking to Mrs Jones over the phone and writing her consistent letters, which we of course did not mind as we wanted to make sure that our clients knew they were in good hands and that we were doing everything we could to help.

As the couple were in their eighties and appeared distressed by the situation, although they were very intelligent people, we made sure to treat them with a vulnerable and sensitive approach which they appreciated.

Solution found leading to a delighted client

We managed to find a lender for the couple who would lend to them through their retirement, and they were thrilled and very thankful for our service. Throughout the process, we kept in contact with regular phone calls to ensure they fully understood the letters we were sending and for reassurance.

Do you have a difficult mortgage situation?

If this situation sounds similar to your own, or you think you may have a different type of issue regarding a mortgage, please get in contact with us so we can look to potentially solve this for you. We are delighted to provide you with initial, free advice tailored to your individual circumstances.

If you liked this post Portfolio Landlord Solution and looking for more great mortgage tips, news & advice, check out our last blog post 95% Mortgages.

Call 01752 749655 or CONTACT US for free impartial mortgage advice to help you find the best deal.

Portfolio Landlord Solution