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Assisting a client who was in difficulty due to a lack of income

  • Client struggling financially in retirement as outgoings exceeded income
  • Debts building up due to inability to make payments
  • Causing great stress and anxiety to client
  • All while living in a mortgage-free property worth £1m
  • Recommendation for a lifetime mortgage that cleared her debts, funded home improvements and provided her with additional income
  • come

Client’s circumstances

A retired woman in her late 70s, finding that her income was not sufficient to cover her outgoings.

Issues addressed

Client’s financial difficulties had led to her accumulating debts and experiencing stress and illness. Friends and neighbours had been providing financial support as the situation worsened as she had no longer had any family.

Tailored solution provided by John Lamb Hill Oldridge

We recommended a lifetime mortgage with a drawdown facility from which she could access funds to provide an income for the rest of her life. The initial amount borrowed was used to clear her existing debt, carry out some home improvements and create an emergency fund for any unexpected costs that may have arisen.

A drawdown facility was arranged to provide sufficient funds to supplement her income for the rest of her life.

This case shows how equity release contracts can be used to provide vital additional income, and how John Lamb Hill Oldridge advisers can improve clients’ financial positions.

Other Case Studies

Re-mortgaging a lifetime mortgage to a more beneficial arrangement

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A recently widowed man in his 80s. His existing lifetime mortgage had an interest rate above 6% and there was no facility to make fee-free repayments due to being an older product, which was far from an ideal arrangement. He was also due to inherit a large cash lump sum and wanted to use some of this to reduce the debt secured against his property

Re-mortgaging from an interest only mortgage to a lifetime mortgage

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A married couple in their early 70s, who had recently retired after selling their business. Their interest-only mortgage would shortly come to an end. Although they now had large savings and individual pension funds, they did not have sufficient regular income to meet the affordability requirements needed for a standard residential mortgage.