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Assisting a client who was in difficulty due to a lack of income

  • Client struggling financially in retirement as outgoings exceeded income
  • Debts building up due to inability to make payments
  • Causing great stress and anxiety to client
  • All while living in a mortgage-free property worth £1m
  • Recommendation for a lifetime mortgage that cleared her debts, funded home improvements and provided her with additional income
  • come

Client’s circumstances

A retired woman in her late 70s, finding that her income was not sufficient to cover her outgoings.

Issues addressed

Client’s financial difficulties had led to her accumulating debts and experiencing stress and illness. Friends and neighbours had been providing financial support as the situation worsened as she had no longer had any family.

Tailored solution provided by John Lamb Hill Oldridge

We recommended a lifetime mortgage with a drawdown facility from which she could access funds to provide an income for the rest of her life. The initial amount borrowed was used to clear her existing debt, carry out some home improvements and create an emergency fund for any unexpected costs that may have arisen.

A drawdown facility was arranged to provide sufficient funds to supplement her income for the rest of her life.

This case shows how equity release contracts can be used to provide vital additional income, and how John Lamb Hill Oldridge advisers can improve clients’ financial positions.

Other Case Studies

Elderly client obtains a lifetime mortgage to pay for care costs


A man aged in his 80s with a property worth £750,000 and a mortgage for £150,000 secured against it. The client had minimal income, but because of his care needs, he was spending £22,000 per year on his care (while remaining in the property) and on the costs of running the home. His savings were being rapidly depleted by these ongoing costs, even though his family were providing financial assistance. Another brokerage firm had already said that it could not assist him, and he was increasingly worried that he would be forced to leave his home.

Lifetime mortgage for consolidation of debts and home improvements


A single woman in her 60s with a property valued at £400,000. The client had £25,000 in credit card and loan debt. It was costing her £600 per month to repay these debts, so this was having an impact on day-to-day living, even though her monthly income was £1,800. She also wanted to carry out some home improvements but had no savings and was unable to obtain further credit due to her impaired credit history.