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Used a Lifetime Mortgage to make urgent home repairs

Mr and Mrs Allen, a retired couple in their late seventies, needed £500000 to pay for urgent and essential repairs to their £12 million London property. Mr and Mrs Allen had taken out a Lifetime Mortgage some years previously to fund holidays and provide gifts to family members.

By re-financing they were able to discharge their original loan and have a further £500000 to fund the essential repairs to the property. The repairs, once completed, increased the value of the property considerably.

Summary

  • Home value: £12 million
  • Lifetime Mortgage outstanding: £900000
  • Amount released: £1400000
  • Existing Lifetime Mortgage discharged
  • £500000 remaining to fund the essential repairs to the property

Outcome

A repaired, improved and reinvigorated home which Mr and Mrs Lewis can stay in for the rest of their lives.

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 and Mrs Allen for Equity Release whilst making it clear how the plan would reduce the value of their estate and could possibly affect any eligibility to state benefits.

Only proceeded when Mr and Mrs Allen were 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 they needed.