Competitive Mortgages And Financial Services Ltd
A case study showing the scope of financial solutions available today
CASE STUDY- from our existing customer base
The case below shows the scope of financial solutions that are available today
"Our old Locum associated with us had retired a long time ago. One of his old clients (aged 78) came ‘out of the blue' into our office and was asking about his old Adviser. So we explained the situation and had asked him what he was after.
"He explained that his existing interest only mortgage had matured a couple of years ago and his lender had written to him for settlement. Unfortunately he ignored that demand until recently when the lender's Solictors wrote to him to advsie that the matter will be going to the local County Court for possession and money order. He said he went to a couple of mortgage advisers who explained that they cannot get him a solution as he was over 70 and that his retirement income was insufficient for replacing his current mortgage
"After getting the customer's financial standing, it was clear that he had no ability to repay the mortgage. We managed to get him an Equity Release mortgage whereby the current lender was repaid from the Equity release. He also took an extra amount to get some overdue works in his house.
"As his old mortgage was interest only, the new Equity Release also had an option to pay the monthly Interest. In this way his monthly payments went up by a few pounds as the equity Release had a slightly higher rate and the new borrowing was higher for the works in the house.
"This was a win-win solution for all involved."
Competitive Mortgages And Finacial Services Ltd
February 22, 2017