Mum’s the word

An elderly widowed client, having lived in the same house for many years needed to refurbish her home to suit her needs; however, with a reduced pension, dwindling capital and reduced income from that capital where could she find the additional monies needed for the work and increase her capital reserves? Neither of her two children were able to assist her financially and she had decided that she did not wish to move house. She was very nervous of borrowing on the house as her late husband had always said that mortgages were a “bad thing”.

After extensive discussions with her financial adviser she decided that an equity release mortgage, where she did not have to pay monthly interest as it was rolled up and added to the capital borrowed, was her best option. Frightened of “all the paperwork”, we had several meetings with her where we carefully explained how the mortgage worked and outlined both the benefits and the downsides of this type of arrangement. Her confidence grew as her understanding grew. After consulting her two children she decided to proceed.

We are pleased to say that she now lives in her newly refurbished house, with central heating, a new bathroom with shower, a new kitchen (“a real treat after all these years”) and sufficient monies in the bank to allay her fears. Her children accept that when she dies and the house is sold, their inheritance will be less but that’s a small price to pay for their mum’s happiness, comfort and peace of mind.

"The service was very thorough and timely, far suprassing our previous experience of solicitors convenyancing. A really positive experience at a stressful time."

Mr & Mrs Armstrong, Cheltenham