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How we can help: Lending into Retirement
Name: Steve and Lucy
Employment:
Employed & Self-Employed
Resi/BTL: Residential
Purchase/Remo: Purchase
Amount borrowed: £235,000
LTV: 85%
Product: Vida 24 , 5-year fixed
First Time Buyers with a little help
Steve and Lucy are First Time Buyers. They have a 15% deposit which is partially savings and some from a gift from Mum and Dad. They’ve been renting for several years and have 1 young child. Steve is 29 years old and Lucy is 24 years old.
Steve had a CCJ 27 months ago due to an unpaid parking fine and therefore qualifies for our Vida 24 range.
Their work story
Steve is a self-employed mechanic and has been trading for 5 years, with his income verified by his last 2 years SA302’s and supporting Tax Year Overviews. His anticipated retirement age is 70 years old.
Lucy is employed with the NHS as a nurse and has recently returned from maternity leave. Her anticipated retirement age is also 70 years old.
Planning for their future
Steve and Lucy hope to get onto the property ladder now that they have a family. They would like a term of 45 years to keep the costs as low as possible.
The term requested of 45 years can be considered even though it takes Steve beyond age 70, because, at the point of application, he’s under 50 years old, is more than 10 years away from his anticipated retirement age and has provided his latest pension statement which shows he’s contributing to a pension plan for at least the last 12 months. So he meets all the requirements to be considered for lending beyond anticipated retirement.
Steve and Lucy have both completed and signed the Later Life Lending declaration which confirms they understand their obligations of lending beyond Steve’s planned retirement age. They also provided their passports which verifies signatures.