Holiday home purchase – Chris & Sally

The clients

Chris and Sally were retired and both in their mid-60s. They had just moved back to the UK from Australia and had no beneficiaries.

They wanted to raise funds to purchase a winter holiday home in Spain, so got in touch with us via online enquiry.

 

The property

A 5-bedroom detached house valued at £985,000.

 

The solution

We recommended a lifetime fixed rate mortgage. We suggested the maximum loan at a reasonable rate.

 

The stats

  • Property Value: £985,000
  • Loan Amount: £344,750
  • LTV: 35%
  • Lender: Retirement Advantage
  • Rate: 6.39%
  • Free valuation and £650 arrangement fee

 

What Chris and Sally said

“We are retired and recently returned to the UK from Australia having run a business and lived there for many years. We have modernised a beautiful home and have no beneficiaries. We wanted a holiday home in Spain and had found the ideal property but didn’t readily have the funds to purchase it. Steve came to our home several times and took us through the options of raising the funds against our UK home. He researched the market and found us a Lifetime Mortgage with the best fixed interest rate that would give us the amount we wanted. We had been back in the UK less than three years and there were a few issues with identity and proof of address, but Steve took this pain away and worked with the underwriters to resolve these issues contacting our solicitors in Australia. We now have a lovely holiday home in Spain thanks to Steve and Providus.”

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