Providing an early gift whilst helping to protect some inheritance value
Christopher Spencer’s story
Christopher is a 70 year old widower of four years living in the New Forest. He met his new partner 18 months ago and they’re now living together.
He’s enjoying life to the full again and has a comfortable retirement. He has many hobbies that keep him busy with an active social life. He also enjoys spending time entertaining and hosting dinner parties. His cookery skills aren’t up to much so he arranges for external caterers to help with this.
“I’ve worked hard for what I have and want to see my family enjoy some inheritance now while I’m still around. However, there’s no way I want interest building up on what I borrow.”
Lifetime mortgage required: £107,500 to provide a gift for his two sons.
How does the Just For You Lifetime Mortgage help him?
Christopher was looking to raise £107,500 to gift to his sons. One of them is financially secure but the other lives in rented accommodation in a low wage job with limited opportunities for progression.
He was keen to be around to see the benefit of this gift to his sons. He didn’t want the interest to roll up and wanted to pay 100% of the interest, which he found easily affordable.
He has a good pension income but limited savings. He’s enjoyed the fruits of his career and much of his money had been put into the house.
The Just For You Lifetime Mortgage enabled him to:
- Provide a lump sum gift to his two sons
- Benefit from a reduction to the standard roll-up rate whilst making interest payments
- Benefit from the flexibility of payment holidays
- Service interest safe in the knowledge that his debt isn’t growing all the time the payments are made.
All numbers are illustrative only to show how the Just For You Lifetime Mortgage could be used. This is not intended to provide any form of advice or recommendation.
For more information
Call: 01737 233297
Email: support@wearejust.co.uk
Or visit: justadviser.com
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