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How a Lifetime Mortgage helped our client stay in his own home

The burden of mortgage repayments can be difficult enough when you’re still working. But once you retire, and that regular income ceases, the burden can become untenable.

This was the case for one client who came to us for help to prevent his home being repossessed.

The challenge

A 75 year old retired gentleman with a property valued at £350,000 was struggling to cover his outstanding mortgage fees.

Due to his age, and loss of income following retirement, he was unable to repay £45,000 of mortgage fees and was at risk of losing his home.

His friends and family were unable to provide the financial support he needed, so he came to us for help.

Our solution

We held several face to face meetings with our client and his daughter, exploring his finances and possible solutions.

We also negotiated with his mortgage lender to cease the repossession procedure for the time being.

The result

We advised our client that a Lifetime Mortgage would provide him with the £45,000 he needed to clear his outstanding mortgage payments and secure his home.

An additional advantage of a Lifetime Mortgage was that he no longer needed to make fixed monthly payments, giving him more financial freedom.

We continue to review his equity release plan each year, checking whether cheaper rates have become available to him.

Most importantly, our client was able to remain in his own home, close to family and friends.

Whether you need to release equity from your home for paying bills, supporting your family or to achieve the retirement lifestyle you’ve always dreamed of, you can talk to us. We offer an initial, no-obligation consultation to discover whether equity release is right for you. Contact us today.

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