Jennifer was a retired widow in her early 70s. She wanted to raise funds to gift to her son, which would help him build the extension he was planning for his expanding family.
Jennifer wanted to maintain the level of savings she had but was unsure what her options were. She got in touch via online enquiry.
A 3-bedroom semi-detached house valued at £215,000.
We recommended a lifetime fixed rate mortgage. We decided a ‘one-off’ lump sum with fixed early repayment charges would be better for Jennifer, as her son intended to repay the loan at a later date.
“I have a nice house, a reasonable pension, but no real savings as such. I live close to my son and grandchildren who I see nearly every day since my husband died. My son has a growing family and he would either have to move or alternatively extend his house. Steve met my son and I and proposed a lifetime mortgage to gift to my son for his extension. The entire process was explained in simple terms and he sorted all the paperwork out. We had the money in four weeks with no upfront costs. Nothing was too much trouble; my son works long hours and Steve was available for evening calls and even came to meet us before Neal started work. I would highly recommend Steve and Providus.”