Nigel and Jane's story

Nigel and Jane are 66 and 64 and live in London.

They have no mortgage and live comfortably in retirement from their pension income. They are settled in their home, with many friends in the local area and do not want the disruption and costs of moving.

Both are retired,  with their time taken up playing golf and very often looking after their grandchildren. They have both private and state pensions and some savings and investments.

“We enjoy a very full life in retirement especially with 8 grandchildren. We love our golf and have dreamed of a place on a golf course where we can holiday and have children and grandchildren to visit.

Lifetime mortgage required: their property is worth £2,250,000 and they want to raise £600,000 to help towards their dream home in the sun.

How we helped Nigel and Jane

They have no mortgage and have explored the option of obtaining a mortgage in Portugal. This is not a straight forward process and with low lifetime mortgage interest rates this is their preferred option.

We recommended a lifetime mortgage which helped them to:

  • Purchase their holiday home in a Portugal.
  • Benefit from a low lifetime fixed interest rate of 3.71%.
  • They are considering paying some of the interest but are considering possibly allowing some roll up as their estate will potentially have a large inheritance tax liability. The clients are also taking advice from their independent financial adviser.

All information is illustrative only to show how a lifetime mortgage could be used. This information is not intended to provide any form of advice or recommendation.