About Millie Wellington

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So far Millie Wellington has created 52 blog entries.

Re-mortgaging a lifetime mortgage to a cheaper rate

2022-05-26T14:29:55+01:0014 March 2022|Case Studies, Equity Release Case Studies|

A man in his 70s and a woman in her 60s with a property worth £4 million. Their existing lifetime mortgage of £1.6 million had a relatively high interest rate of just above 7%, which meant that the amount owing was increasing rapidly. The couple were concerned about the loss of equity from their property.

Elderly client obtains a lifetime mortgage to pay for care costs

2022-05-26T14:30:32+01:0014 March 2022|Case Studies, Equity Release Case Studies|

A man aged in his 80s with a property worth £750,000 and a mortgage for £150,000 secured against it. The client had minimal income, but because of his care needs, he was spending £22,000 per year on his care (while remaining in the property) and on the costs of running the home. His savings were being rapidly depleted by these ongoing costs, even though his family were providing financial assistance. Another brokerage firm had already said that it could not assist him, and he was increasingly worried that he would be forced to leave his home.

Lifetime mortgage for consolidation of debts and home improvements

2022-05-26T14:31:08+01:0014 March 2022|Case Studies, Equity Release Case Studies|

A single woman in her 60s with a property valued at £400,000. The client had £25,000 in credit card and loan debt. It was costing her £600 per month to repay these debts, so this was having an impact on day-to-day living, even though her monthly income was £1,800. She also wanted to carry out some home improvements but had no savings and was unable to obtain further credit due to her impaired credit history.

Re-mortgaging a lifetime mortgage to a more beneficial arrangement

2022-05-26T14:31:41+01:0014 March 2022|Case Studies, Equity Release Case Studies|

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

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

2022-05-26T14:32:23+01:0014 March 2022|Case Studies, Equity Release Case Studies|

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

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