This is for illustrative purposes only and does not constitute as advice.
Gifting money to family
Aged 77 and 73, Claire and Ruth wanted to raise some money to clear some borrowing and gift £50,000 to support your son in purchasing an additional share in his property whilst also having funds available to support their future lifestyle including holidays.
As they had good retirement income, they good make monthly interest payments but wanted the option to roll up the interest in later life if one retirement income was lost. An initial lump sum of £60,000 paid off their borrowing and provided the lump sum to their son and the lender provided a drawdown facility so they could borrow further funds in the future to support holidays or lifestyle if required. The benefit of this meant that they were only paying interest on the amount they had received initially with the future drawdown of funds only attracting interest when required and received.
- Interest Paid Monthly
- Interest Fixed at Oustet
- Option to roll up interest if required
- Overpayments allowed subject to limits which will reduce debt owing
- No negative equity guarantee
- Any house price growth in value supports inheritance left to beneficiaries
- Drawdown Facility for future use provided
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage. Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Equity Release, Lifetime Mortgages & Home Reversion plans will reduce the value of your estate and can affect your eligibility for means tested benefits.
Later Life Financial Advice is trading style of Kent Financial Consultants Limited who are registered in England and Wales.
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Registered Address : 64 High Street, Broadstairs, Kent, England, CT10 1JT.
The guidance and/or information contained within this website is subject to the UK regulatory regime, and therefore targeted at consumers based in the UK.
Later Life Financial Advice is a trading style of Kent Financial Consultants Ltd which is an appointed representative of Quilter Financial Services Ltd, which is authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Ltd is entered on the FCA register under reference 440718.
