| Property | Detached bungalow |
|---|---|
| Location | Canterbury, Kent |
| Client | Widowed homeowner, aged 74 |
| Product | Later-life mortgages |
The challenge
The client wanted to adapt her bungalow and help her grandson with a deposit, but had no earned income to support a standard mortgage. She was concerned about leaving less to her family.
What we did
We explained how a lifetime mortgage works, including how interest compounds and reduces the estate over time. We recommended a plan with a no-negative-equity guarantee, voluntary partial repayments and an option to protect part of the property's value for inheritance. She discussed the plan with her family and her own solicitor before going ahead.
The outcome
The lifetime mortgage completed with no monthly payments required and a protected share of her home's value.
Later-life mortgagesMortgages for borrowers aged 50 and over, including lending into retirement and retirement interest-only.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release and lifetime mortgages can reduce the value of your estate and may affect means-tested benefits.