With property prices rising and rents high, younger generations often struggle to save for a deposit. Many parents or grandparents use lifetime mortgages to release equity and provide substantial deposits for their children or grandchildren to purchase their first home
Objective:
The goal was to release equity from the clients’ home to provide a significant deposit for their grandchild, helping them buy their first home and secure their financial future.
Obstacle:
The challenge was ensuring that the lifetime mortgage did not negatively impact the clients’ financial stability, while still providing a substantial gift to their grandchild.
Outcome:
We secured a lifetime mortgage that allowed the clients to gift a substantial deposit to their grandchild, helping them purchase their first home. The clients were able to assist their family without compromising their own financial security.
Summary:
By using a lifetime mortgage, the clients were able to help their grandchild onto the property ladder, providing them with a strong start in life while maintaining their own financial well-being.