Re-mortgaging a lifetime mortgage to a cheaper rate

14 March 2022|

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

14 March 2022|

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

14 March 2022|

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

14 March 2022|

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

14 March 2022|

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.

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Key person insurance for a company director

28 February 2022|

The client was a 42-year-old non-smoker who was resident in the UK and who was the director of a company. The client had bought out his business partner via an equity fund. The company’s board had decided that the individual needed to take out key person insurance to protect the business, as there could be significant consequences if he were to die unexpectedly or be incapacitated by illness.

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Arranging high-value life insurance for business customers

28 February 2022|

The clients are a couple, with the husband in his 60s and the wife in her 40s. They are both UK residents and non-smokers. They were seeking to restructure the business they own jointly. The husband has health issues. The couple had lost their Business Property Relief qualification for a period of two years.

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Assisting a couple facing a potential large inheritance tax liability by arranging suitable life insurance

28 February 2022|

The clients were a couple, both in their 60s, who were British nationals and resident in the UK. The couple’s estate is valued at £10 million. Their individual nil rate bands of £325,000 each could not be used in this case, and they were therefore facing the prospect of inheritance tax of 40% being charged on the full amount once the second client died, which would mean a £4 million IHT bill for their nearest and dearest at that time.

  • Providing life insurance with a high sum assured for a non-domiciled individual | John Lamb Hill Oldridge

Providing life insurance with a high sum assured for a non-domiciled individual

8 February 2022|

The client is in his 40s, resident in the UK, but not considered to be domiciled in the UK. His family lives in Kuwait. We were unable to obtain sufficient cover for this client in the UK market because, although he had extensive investment income, he did not have any earnings from employment or self-employment in the UK as his business was still in the start-up phase. For this reason, he was referred to a US-based broker with whom we have worked closely on many occasions.

  • Convertible Term Policy To Cover A Pre-nup Payment | John Lamb

Convertible Term Policy To Cover A Pre-nup Payment

18 January 2022|

The client is a man his 30s, UK resident and a non-smoker. As a condition of his pre-nuptial agreement, his spouse was entitled to receive a £10 million payment were he to pass away. Much of his family’s wealth is tied up in trusts, and by seeking life insurance, the client was seeking to avoid a potential claim that would disrupt the family’s investment strategy by forcing them to liquidate their positions at an inopportune time.

  • Arranging Life Cover To Mitigate Any Potential IHT Liability Should A Client Die After Making A Gift | John Lamb

Arranging Life Cover To Mitigate Any Potential IHT Liability Should A Client Die After Making A Gift

18 January 2022|

The female client was in her 70s and was both resident and domiciled in the UK. The client wished to make a gift of £11 million to her children. After using her nil rate band, the potential inheritance tax liability on the gift was calculated at more than £4 million – the size of this gift meant that there was no question of being able to use any of the available gift allowances

  • Assisting A Couple Facing A Potential Large Inheritance Tax Liability By Arranging Suitable Life Insurance | John Lamb

Assisting A Couple Facing A Potential Large Inheritance Tax Liability By Arranging Suitable Life Insurance

18 January 2022|

The clients were a couple, both in their 60s, who were British nationals and resident in the UK. The couple’s estate is valued at £10 million. Their individual nil rate bands of £325,000 each could not be used in this case, and they were therefore facing the prospect of inheritance tax of 40% being charged on the full amount once the second client died, which would mean a £4 million IHT bill for their nearest and dearest at that time.

  • Arranging A Life And Critical Illness Policy For A Client With An Extensive Medical History | John Lamb

Arranging A Life And Critical Illness Policy For A Client With An Extensive Medical History

18 January 2022|

Like millions of people across the UK, this 40-year-old client approached us seeking to put in place comprehensive cover to provide funds for their family should they pass away, and to provide funds to meet the costs of medical care and home conversions should they contract a critical illness. The desired sum insured was £200,000. However, obtaining appropriate cover for this client was not entirely straightforward, as they had what could be described as an ‘extensive’ medical history, having had a number of medical issues at different stages of their lifetime.

  • Arranging Life Insurance To Mitigate Inheritance Tax Risks For A Younger Customer | John Lamb

Arranging Life Insurance To Mitigate Inheritance Tax Risks For A Younger Customer

18 January 2022|

John Lamb Hill Oldridge is proud to be able to assist customers at every stage of their financial journey. In this instance, the client is a 25-year-old man who had been gifted as much as £5 million in non-income producing assets, and who was referred to us by his accountant. As the client had other assets that exhausted his nil-rate inheritance tax band, he was liable for inheritance tax at the full rate of 40% on the entire £5 million, which equates to £2 million.

JOHN LAMB HILL OLDRIDGE IN THE PRESS

17 September 2020|

Unlike others in our industry we kept working through lockdown and all that COVID-19 has thrown at us. We have taken pride in the fact that we have continued to provide the same level of advice and service our clients expect. We are very aware that our clients’ personal needs don’t sit still just because we are not in an office together or having to socially distance; technology has enabled us to stay on top of our brief.