An elderly gentleman approached us seeking a 3 million plus refinance mortgage to fund a lease extension on his £10 million property in Central London.
The property was his main residence and he had owned it for 40 years. He was a non-dom, non-res British national resident in Europe. He was also over 70 years old.
Arranging mortgages for elderly clients is particularly hard to do as banks feel uncomfortable lending to people over 55 as normally their income stream or salary will reduce significantly when they retire. This was compounded by the fact the client was an ex-pat and ex-pat mortgages are typically a challenge in the current climate! A further complexity was that a 3 million plus refinance mortgage is in the upper echelons of borrowing of this kind.