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Paying off an interest only mortgage

The clients had reached the end of the term of their interest only mortgage, but due to an unexpected change in their circumstances, their planned exit route was no longer available to them, and they faced the prospect of having to sell. We were able to arrange a suitable policy that enabled them to release 180,000 of equity from their property which was valued at 480,000. They cleared the outstanding mortgage balance and were able to remain living in their home. In addition, as the interest payments were rolled up, there were no monthly payments for them either, which increased their level of disposable income, helping them to really enjoy their retirement.

Supporting their children onto the property ladder

Being in the fortunate position of owning their 800,000 property outright, the clients decided that their grown up sons would both benefit from receiving a proportion of their inheritance now, rather than at some point in the future. We arranged a lifetime mortgage policy to release 225,000 of equity which the couple gifted to their sons to support their property owning aspirations.

Solving a complex bankruptcy situation

In this unusual case the ownership of the property was split between the mother and son.  The son had sadly passed away, leaving his share of the property to his wife. However, the wife had recently been declared bankrupt and her creditors were demanding that she released the funds from her share of the property to clear her debts. With the mother facing the prospect of having to sell the house and lose her home, we were able to arrange an equity release policy to release the funds to pay off the debtors. The mother was therefore able to remain in her home and the daughter-in-law cleared her debts.