Our customer stories
Later Life Finance help clients UK wide with their Mortgage needs.
Financial Security, now & in the future
Janet, is a 67 year old widow. She lost her husband Martin 2 years ago. She lives in a mortgage-free semi detached property worth £350 000. Janet has a small income and a pension, but has been struggling with the recent cost of living increases and recently needed a new boiler, using up the last of her savings. Janet was reluctant to sell her home as she had lived there for 40 years with Martin and it held a lot of memories.
When Janet spoke to one of our advisors we explained to her all the options available to her. She borrowed £20,000, with a reserve facility of £30,000 that she can use if needed in the future. Janet is relieved to know that her financial future is secure.
Our interest only mortgage was coming to an end,
We didn't want to sell our family home
Lifetime 'remortgage' & a gift to family
Alan & Rosemary took out a lifetime mortgage in 2008 which was on a relatively high interest rate.
They asked us to review their options based on the current market rates and also enquired whether a further lump sum could be taken in order to gift their two daughters an early inheritance. One daughter is a single parent and the other daughter was planning an extension on her home. They felt both could benefit from a gift of equity, and the feeling was mutual when they met their daughters to discuss their intentions.
We researched the market and established a more competitive interest rate could be sourced, along with further funds for the gift to their daughters.
Due to the more competitive interest rate being secured and produce improvements over the past 10 years we were able to arrange a flexible lifetime mortgage which enabled monthly repayments to be made in order to maintain control of the interest.
Interest only mortgage solution
Tony and Sue are both 65 and have recently celebrated their Ruby Wedding. Tony works as an accountant whilst Sue brought up their 4 children. They own a £1.2 million detached property, close to their children, with an interest only mortgage remaining of £300,000.
The remaining mortgage was causing both Tony and Sue sleepless nights, as their fixed rate was due to come to an end, and they were due to move to their current lenders standard variable interest rate, which was a lot higher than they currently pay. Both were reluctant to downsize as they didn’t want to move from the home where they brought up their children, and now regularly babysit for their 5 Grandchildren.
Our Later Life Mortgage experts were able to compare the best deals and found Tony and Sue a Lifetime Mortgage with a fixed Lifetime interest rate, enabling them to pay off their existing mortgage, plus release equity of £20,000 so Sue can finally have her dream kitchen!
