Vida Homeloans: Mid-life Mover
At 58, David was looking to downsize from the family home and release some equity to strengthen his retirement plans. However, like many borrowers today, his income was more complex than a traditional pre-retirement profile. He worked part-time as a consultant, supplemented his earnings with investment income, and planned to start drawing from his defined contribution pension over the coming years.
Many lenders struggled to assess the mix of current and future income, particularly with the mortgage extending beyond traditional retirement age. Thanks to Vida’s enhanced Next Chapter Lending proposition, David’s affordability could be assessed in the context of both his current earnings and anticipated retirement income, providing greater confidence around lending into retirement.
The move allowed David to purchase a more suitable long-term home, reduce his monthly outgoings, and release capital to support his retirement goals. He also retained the option of helping his daughter onto the property ladder in the future through a Joint Borrower, Sole Proprietor arrangement, without being constrained by the age restrictions that can apply elsewhere.
Key Takeaway
A 58-year-old mid-life mover with a complex mix of employment and investment income with healthy future pension provisions looking to downsize and plan for retirement. Vida’s Later Life Lending criteria helped provide a solution where traditional affordability assessments may have fallen short.
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At 3mc, we have a team of expert advisers who can discuss all your mortgage requirements. If you would like to discuss your options, give the 3mc team a call on 0161 962 7800.
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*Your home may be repossessed if you do not keep up repayments on your mortgage. 3mc (UK) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register https://register.fca.org.uk/s/ under reference 302992. Please note: The FCA do not regulate Business Buy to Let Mortgages.
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