Customer Story | Oct 2022
Sue and Terry, both in their 60s, were living in a two-bedroom end of terrace property in a not-so-great part of Great Yarmouth. They both had some mobility issues and wanted to borrow £30K to £40K to undertake home improvements that would make their lives easier.
They contacted a Responsible financial adviser who specialised in later life lending and explained their situation. The adviser suggested that a better option may be to consider moving to a more suitable property, such as a bungalow, that would better accommodate their needs. However, they were not sure if moving was a realistic option for them, especially since Terry had recently lost his job and moving seemed too expensive for them. The adviser showed them how a Lifetime Mortgage could help them achieve this goal.
A Lifetime Mortgage is a type of equity release that allows homeowners aged 55 or over to borrow money against the value of their home, without having to make any monthly repayments. The loan and interest are repaid when the home is sold, usually when the homeowner dies or moves into long-term care.
Sue and Terry were intrigued by this idea and after seeing the proposal and giving it some consideration, decided to look for a bungalow in a better area. They found one that they liked and agreed to buy it for £200K. The adviser arranged a Lifetime Mortgage for them that allowed them to place a deposit on the new home, using the proceeds of their current home’s sale to cover the rest. They even had some money left over to enjoy their retirement.
Sue and Terry were delighted with their new home and the improved quality of life they experienced. They were grateful to their adviser for showing them how a Lifetime Mortgage could help them move to a better home. They said: “We can’t thank our adviser enough for all his help, his patience, his understanding and his time. Without him, we would never have got our bungalow in the location by the sea. We now have our forever home and a new lease for life!”
Sue and Terry arranged their Lifetime mortgage via Responsible Life in 2020