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Explore how a lifetime mortgage could be used to fund a second property by the seaside.
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Name: George Gregson*
Aged: 80
Property value: £3 million
Requires: £1.4 million
Maximum loan to value: 47%
George requires £1.4 million to buy a second property on the coast, to spend time with family on the weekends.
George doesn’t have any other assets except his mortgage free property, so he wants to look at a lifetime mortgage to fund the purchase.
He may decide to move to the property on the coast in the future. If he were to do so, he would have the option of either repaying the loan or porting the lifetime mortgage to the coastal house.
£1.4 million
Loan secured thanks to lender and adviser collaboration.
£3 million
Property value
Optional Repayment Possibilities
George does not want to make repayments towards the loan, however if he wanted to, he could pay up to 12% of the initial release each year.
Should George wish to move to the coastal property he could repay the loan via the sale of the property. If George decides to repay the loan early within the first 7 years, he would face an early repayment charge.
Managing His Lifetime Mortgage with MyPure
George can manage his lifetime mortgage online through the account management platform, MyPure. He can view his account balance, make one-off optional repayments, and access a bank of FAQs to support him along the lifetime mortgage journey.
This plan allows George to release up to 47% (£1,410,000) based on his age and property value
He releases £1.4 million to purchase the property
*Client names have been changed to provide anonymity. We cannot give any assurances that applications outside our lending criteria will be approved.
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