Mr and Mrs Grey
Mr and Mrs Grey were looking help with their granddaughters university costs.
Due to the fees and living costs their only Son could not afford the expense of the proposed 4 year course.
Mr & Mrs Grey considered re-mortgaging their property but found it was difficult not only to find a provider but also affording the repayments.
They owned their property outright and the house was worth £160000, they were both 66.
They initially wanted to release £10000 which would pay for the first 2 years of their granddaughter’s course and have the facility to release more capital if needed.
They were recommended a Lifetime mortgage which would release the initial £10000 and have a reserve facility of £31600, which could be used if their Granddaughter continued with the course.
This would give their son the time to save towards helping his daughter after 2 years and if he could not save enough, Mr & Mrs Grey could use the drawdown facility to pay any extra monies needed at that time.
Mr and Mrs Lewis
Mr. & Mrs. Lewis from Maidstone are aged 67 & 71. They own their property worth £350,000 and had no outstanding loans or debts secured upon it. They were looking to raise funds of about £90,000 to enable them to help out their son who had recently found himself in financial difficulties and was having problems paying his own mortgage and needed help to keep his property.
Mr. & Mrs. Lewis had been looking to downsize their property over the next few years and they wished to retain as much equity in the property as possible.
Mr. & Mrs. Lewis wanted to make monthly interest payments, due to their age they had been declined a conventional mortgage. With our help they were advised to take out a Home Retirement Plan. They were able to take a lump sum out which enabled them to help their son. He was able to keep his own property. They were able to use the income from their Pension to make the monthly interest payments.
They can look at being able to downsize their property when they are ready to do so.
Mr and Mrs Griffiths
Mr. & Mrs. Griffiths live in the suburbs of Gloucester and are aged 64 & 63. They own their bungalow worth around £250.000 with an interest-only mortgage still secured against it.
Mr. Griffiths is a full-time driving instructor but wishes to reduce his working hour so that he can spend more time with his wife and their family. Mrs. Griffiths is very happy with her husband’s decision to do this!
They wanted a way that would allow them to not have to make monthly interest repayments. After a meeting with them and explaining their options they decided to take out an Equity Release plan. This allowed them to pay off their existing mortgage and reduce their monthly outgoings. Mr. and Mrs. Griffiths are now looking forward to using the monthly savings made to treat their grandchildren and themselves to a few more luxuries.
In addition, and over the coming months, they are able to use the drawdown facility to take further cash sums from their plan, as and when they are needed. They want to travel the world by cruise ship and take further exotic holidays…