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Case spotlight: sale and downsize

Written by Ipswich Building Society

25 Feb 2019

Tags

Later life, Older borrowers, Sale and downsize

2 min read

Many borrowers in later life are weighing up their retirement property plans.

Some may choose to stay in their existing homes, and borrow funds in order to build an extension, a conservatory or convert a downstairs bedroom or wetroom. Others may be planning to move to a smaller property which is easier to upkeep and offers a lower running cost.

It’s never easy for homeowners to know when to make a move, and even more so when it could be the last move they’ll make – indeed, this means they’ll want to make sure they get their ideal retirement property and also make the process of moving as smooth as possible.

We’ve recently been able to help some borrowers in this position. Here’s an outline of their requirements:

  • Both applicants are retired
  • Current property mortgage-free
  • Seeking to raise capital against their home in order to purchase an additional property, with an interest-only mortgage
  • Their new property needs some work doing before they can move in, and they’d rather spend time getting it ready at their pace than live in an unfinished home or be rushing to make the improvements they need
  • Once they have moved in, they will be selling their former home in order to repay their mortgage

By selecting our Later Life 2 Year Discount product, which offers unlimited fee free overpayments and no early repayment charge, they’re able to repay their entire loan early, before the end of the term, with no penalties.

Do you have a later life client who would benefit from this approach? Give us a call on 0330 123 1073.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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