Product Home Finance Prestige Options High Value 680X392

Prestige Options

Our lifetime mortgage for high value properties

Yvonne and Richard’s story

Helping a growing family

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About Yvonne and Richard

Yvonne and Richard are in their seventies. They own a large property in Oxford valued at £6m, which is mortgage-free. They don’t have much in savings, but they both have good pensions and they’re using these to fund their retirement.

Yvonne and Richard have three children and six grandchildren and would like to provide them with a cash gift so they can see them enjoy their inheritance.

They contact their financial adviser to discuss their options.

Providing an early inheritance

Yvonne and Richard’s financial adviser explains that traditional lenders won’t lend to them, so he recommends a lifetime mortgage instead.

As they have a high value property, their financial adviser recommends our Prestige Option. This allows Yvonne and Richard to release £2m from their property value and split this between their three children.

Yvonne and Richard also used our optional inheritance guarantee, protecting a percentage of the eventual sale price of their home.

It was great to be able to provide an early inheritance and be there to watch our family enjoy the money.

Utilising the value of their home
Our Prestige Option lifetime mortgage allowed Yvonne and Richard to release tax-free cash from their home without having to downsize or relocate.

They also won’t have to make any payments towards their loan. The interest is added to their loan balance each month.

 

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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