James was in his 50s and had recently retired due to ill health.
He wanted to pay off his current interest-only mortgage (£38,000), renovate his property to sell, move closer to his family and help his son with a deposit for a flat. He got in touch via an online enquiry.
A 4-bedroom semi-detached house valued at £850,000.
We recommended a lifetime fixed rate mortgage. Early repayment charges were a consideration.
“I first met with a company who seemed to be in a rush and wanted me to sign-up there and then. This put me off and I decided to research an alternative; I then came across Providus and Steve. I met with Steve for several hours and he had the patience to find out what I was really looking to achieve and worked with me at my own pace. I had to retire early through ill health and had a large house with a small interest-only mortgage that had reached its term. My son, who was in a well-paid job, lived with me and helped to pay the day-to-day costs. My aim was to pay off my mortgage, renovate, sell my house and move to a smaller property closer to my family. I also wanted to help my son with a contribution to a deposit for his own flat. Steve spent a lot of time with me and came up with the optimum solution of a Lifetime Mortgage that met all my needs. The most important was the fixed interest rate and the fixed early repayment charges that we factored in for the time when I was going to sell and move. Everything was understandable and transparent.”