Tailored Term Mortgages

Tailored Term allows multiple applicants to share the cost of the mortgage over separate time frames. It is a ‘made-to-measure’ add-on which can be applied to any mortgage from our product range, at no additional cost.

Tailored Term is particularly popular where one of our Core mortgages is being taken on a JBSP basis, boosting affordability where two or more applicants have a significant age gap. We will calculate what the youngest applicant can afford over the maximum term, leaving the older applicant(s) to top up affordability over a shorter term.

Example:

• A first-time buyer requested £440,000 to purchase her first home
• Dad wanted to help with the financial side, so agreed to join the mortgage on a joint borrower sole proprietor basis
• Daughter, aged 25, could afford £226,947 over 40 years in our affordability assessment
• Dad, aged 58, could afford the remaining £213,053 over a 17-year term using his earned income in our affordability assessment
• Monthly payment without Tailored Term – £2,858.24
• Monthly payment with Tailored Term – £2,259.08
  

To run through the affordability and to see if Tailored Term will work for your clients contact our team on the details below.