These clients wanted to move to their dream home but due to their income and age, they were unable to acquire a mortgage.
The couple’s property had no Mortgage and was valued at £500,000. However, due to the fact that they were both over 55 years old and had a smaller income, the high-street banks would not offer them a mortgage for the necessary funds to move to their dream home – a property of £600,000.
We recommended they release equity on the new property, which allowed them to raise the additional funds to purchase giving them the home they dreamed of.
The best way we can help you is to have a quick conversation to understand your situation and recommend appropriate products. Contact us today for a no-obligation discussion.
Your home may be repossessed if you do not keep up repayments on your mortgage. Equity Release may affect the size of your estate and could affect your entitlement to current and future means-tested benefits. To understand the features and risks on an Equity Release product, ask for a personalised illustration.
If you wish to register a complaint, please contact Ian Scott, Scott & Goose, Brickfield House, Thornwood, Epping, CM16 6TH, tel 01992 563644.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.
