This week's case study highlights how Alexander Hall helped a client refinance his property with his daughter as his Power of Attorney
Our clients' challenge
Our client was looking to remortgage his Buy-to-Let property in order to raise capital for home improvement work on his main residence. His situation was tricky due to the fact he had just turned 77 years old and wanted a long term capital repayment mortgage, so that he was paying the loan down. Also, his daughter had Power of Attorney which the lenders he had approached were not happy with.
Another factor to consider was that he owns both the freehold and the lease of the property. This can be a problem for a lot of mortgage lenders.
Alexander Hall's solution
He had met with another mortgage adviser who stated he would not be able to get a mortgage based on this set of circumstances. However, we found a lender who was happy to consider the application with the Power of Attorney not being an issue. This lender specialises in buy to let mortgages for clients past retirement age, and after getting a senior underwriter to speak to their internal legal department they were happy to sign off on the property scenario. The client was extremely happy and was able to make the much needed home improvements which were essential given his age.
