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Lifestyle Options

Make the most out of your retirement

Sarah’s story

Supplementing her state pension

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About Sarah

Sarah is a 72 year old retiree who’s concerned about her future income. She owns a terraced house in Bristol, mortgage-free and valued at £450,000. Whilst she’s made enough contributions to have a full state pension, she doesn’t have her own pension pot and is finding it difficult to keep up with day-to-day costs.

She’s lived in her home for over 20 years and doesn’t want to move. She loves where she lives and she’s a big part of the local community. She also doesn’t want the stress and cost that comes with moving house.

Traditional lenders won’t lend to Sarah because of her age so she contacts her financial adviser to discuss her options.

With only my state pension to fall back on, it didn’t seem possible for me to stay in my current home and keep up with day-to-day living costs. It was a great relief to find out that I could release money from my property without having to make any monthly repayments.

No monthly repayments

Sarah’s financial adviser suggests our Lifestyle Lite lifetime mortgage. This product lets Sarah release enough money to boost her retirement income for a year, and set-up a cash reserve which she can make regular future withdrawals from.

This lifetime mortgage lets Sarah release a one-off cash payment from her property without the need to make any repayments. The interest on her loan is added to her balance each month.

Enjoying a comfortable retirement

Sarah was able to borrow all the money she needed to supplement her state pension. She was also able to set up a cash reserve facility, meaning she can access more money when she needs it. Sarah was able to stay in her family home and enjoy her retirement, without the stress of regular monthly repayments.

Important Information

This case study is a worked example and is for illustrative purposes only. We have taken care to ensure the information is accurate, but we accept no liability for any of the information we provide that you decide to use or for the suitability of any of the statements made. Individual financial advice and tax advice should be sought prior to taking out a lifetime mortgage, as releasing equity can change the inheritance tax position of the borrower and their estate, as well as potentially altering their eligibility for welfare benefits.

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