Deciding life is for definitely living
Background
- Our clients were a married couple with a limited income. Both had state pensions and one of them had a small private pension. They decided to come to us for advice after another lifetime mortgage client of ours had recommended them.
- They had three grown-up children with families of their own and adored spending quality time together. They were open about their finances and had discussed the lifetime mortgage option. They wanted to use the equity in their home to enhance their lifestyle and their family was in full support.
Challenge
- We looked at their income early on and found it was sufficient to maintain their day-to-day needs. But that wasn’t enough for the couple. Both were active and wanted to enjoy life more whilst they were healthy, however, surplus cash was getting in the way of achieving this
- Borrowing money using a standard mortgage wasn’t an option as their income was insufficient.
- They desperately wanted to improve the quality of their retirement and knew their car needed upgrading soon, which would be yet another expense.
- We quickly learnt that family was incredibly important to the couple. They wanted to spend as much time with their children and grandchildren as they could and had dreams of a big family holiday as well as future trips with just the two of them.
Solution
- We wanted to make their visions a reality and quickly put them at ease by providing a solution that was right for their needs.
- We recommended a lifetime mortgage which made money available on a drawdown basis. They would only use the money when required and saved on interest.
The results
They took a lump sum on their lifetime mortgage to enable them to change their car and have that important family holiday.
They were able to start planning their future goals using money from the lifetime mortgage drawdown facility.
The drawdown facility had a minimum of £2,000 per drawdown, paying for future family holidays.
Get in touch
Ready to arrange your property finance? Need to get a ‘decision in principle’? Or would it help to have a quick chat to discuss your mortgage options? Please get in touch using the contact form below!