Project Description

This case study is for illustrative purposes only and does not constitute advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.

About Mr & Mrs Bodmin

Trevor and Betty Bodmin are aged 74 and 72 and had an interest-only mortgage that was due to end in November this year 2017. Their property was valued at £260,000 and their outstanding mortgage was £97,000. They have no children and Trevor is disabled, so they have already adapted the property to suit his mobility needs. Understandably, Trevor and Betty would prefer to remain in their home, but are excluded from obtaining a further mortgage due to their age.

Our solution

I arranged an equity release mortgage that would clear the existing loan. They no longer have any monthly payments to make so they can now afford to do more each month. This mortgage will end when the remaining partner passes away or moves into care.