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Helping the retired afford a holiday of a lifetime
The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
At some point in the future, David is intending to downsize but he isn’t quite ready for that just yet. Instead he really wants to take a holiday to Australia and to carry out some work on his home.
After doing some research, David quickly found that mortgage lenders were unable to provide money to fund a holiday. He considered increasing his existing mortgage with the Society to fund the work on his home, but this still meant he couldn’t have his dream holiday.
Helping an existing customer realise his ambitions
As an existing customer, David previously had discussed his situation and ambitions with the Society. After updating our Retirement Lifestyle Booster mortgage product, one of our advisors contacted him to let him know about the changes we had made. It seemed to suit his requirements and meant he would be able to do some work on his house and have his much wanted holiday to Australia.
“Fortunately the updated version of the Retirement Lifestyle Booster provided both a lump sum and a monthly payment. Because these funds could be used for any purpose, it was ideal for my situation.”
“The additional monthly payments from the Society will enable me to carry out the work I need to do on my house without impacting on other aspects of my life, such as holidays.”
Flexible payment options
The Retirement Lifestyle Booster means David will receive a lump sum at the beginning of the term. Each month he will also receive a fixed amount for 10 years. In return, David will pay us a set amount each month to cover the ‘average’ interest due. At the end of the mortgage term, David will be able to sell his current home and downsize as a means of paying off the capital outstanding on the mortgage, just as he’d always planned to do.
“The Retirement Lifestyle Booster is more flexible, the mortgage can be repaid at any time and the monthly income can also be stopped if my circumstances change.”
“Obviously each person’s situation is different and the Retirement Lifestyle Booster may not suit everyone. However I believe it is an excellent product, preferable to equity release and I would recommend anyone in a similar situation to mine to consider this option.”
David was happy with the service he received from our advisor and is very excited for his much longed for holiday.
“When Peter, my advisor, contacted me he opened up a much more favourable possibility and provided a very helpful, well informed and personal service, which culminated in a very satisfactory solution.”
Do you want to make the most of your retirement?
Our Retirement Lifestyle Booster mortgage can help give your income a boost so you can afford those extra things in life.