Home renovation projects can often run over budget, leaving homeowners in a financial bind. A lifetime mortgage can provide the extra funds needed to complete renovations without causing financial strain.
Objective:
The clients needed additional funds to complete home renovations that had gone over budget, ensuring the project could be finished to a high standard without affecting their financial stability. Finishing the remaining work would add value to their home and ensure the home was livable for the rest of their lives.
Obstacle:
The main challenge was securing a lifetime mortgage that provided the necessary funds while ensuring the clients’ future financial security was not compromised.
Outcome:
We arranged a lifetime mortgage that provided the clients with the extra funds needed to complete their renovations. This allowed them to finish their project without taking on additional debt or financial stress. A pre-approved drawdown facility was also provided if additional funds were needed at a later date.
Summary:
By using a lifetime mortgage, the clients were able to access the funds needed to complete their home renovations, ensuring their home met their needs without compromising their financial security.