As retirement approached, a couple with minimal savings sought a way to generate a steady income. Their primary asset was their home, and they wanted to leverage it to ensure a comfortable retirement.
Objective:
The couple aimed to raise funds through a lifetime mortgage, which they would invest in buy-to-let properties to generate a reliable income stream during retirement.
Obstacle:
With limited income, the couple couldn’t qualify for a standard mortgage. However, since they intended to remain in their home, a lifetime mortgage was a viable solution that didn’t require affordability checks.
Outcome:
We arranged a lifetime mortgage that provided £100,000 without upfront costs. The clients used these funds to purchase six buy-to-let properties, generating a monthly income of £2,400, allowing them to retire with financial security.
Summary:
By using a lifetime mortgage, the couple was able to transform their property equity into a dependable income stream, securing their financial future in retirement.