Later life mortgage options are increasing. The increasing flexibility of Lifetime Mortgages are making these more and more popular. Here are some examples of cases we have dealt with recently:
- An older couple with an interest-only mortgage reaching its end and with a historical bankruptcy and CCJs were able to clear all they owed and also finance an extension to their property.
- Another couple had moved into what they were sure would be their last move and wanted to enjoy their life with a great deal of travelling while they could. They had already markedly assisted their grown-up children with their own properties and good incomes. There were some medical issues so they wanted to spend money now rather than later. They also wanted to maximise what they could get at the present fixed rates so as to avoid any possible interest rate increase in the future.
- Another couple in a Grade II listed building were reaching the end of their interest-only residential mortgage and did not want to have to move to a repayment mortgage. They wanted to stay where they were and continue with a similar interest-only type of arrangement but without a fixed term which could cause worries in the future.
- A widowed mother of two was still working but needed to extend the house so as to provide accommodation for an imminent grandchild. She wanted to pay interest monthly so the amount owed would not increase.
- Another family living in a large house wanted to keep the house for themselves and their daughters but were not able to access normal mortgage facilities due to the pensions they would receive being insufficient to fund the needed borrowing.
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