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Used a Lifetime Mortgage to clear outstanding debt and boost monthly income.

Mr Moore, 65, found himself in financial difficulty as he entered semi-retirement due to his reduced income no longer covered his monthly outgoings. Most pressing was his mortgage debt with the provider threatening repossession.

By releasing £100000 of his housing wealth, Mr Chambers was able to clear his existing mortgage loan plus other debts thus freeing up the monthly payments to supplement his income.

Summary

  • Reduced income from semi-retirement caused financial difficulty due to debt still needing to be serviced
  • Amount released £100000
  • Mortgage and other debts completely cleared
  • Monthly payments now freed up
  • Financial stability now restored

Outcome

Mortgage and other debts cleared.

As debts no longer need to be serviced, income had now increased.

A market-leading fixed interest rate.

A product incorporating the Equity Release Council’s comprehensive safeguards and guarantees.

The process

Provided our expert face-to-face advice.

Ascertained the suitability of Mr Moore for Equity Release whilst making it clear how the plan would reduce the value of his estate and could possibly affect any eligibility to state benefits.

Only proceeded when Mr Moore was entirely happy.

Researched the entire market to find and recommend the most suitable plan.

Recommended a Lifetime Mortgage from an Equity Release Council registered provider that delivered exactly what he needed.