This is for illustrative purposes only and does not constitute as advice.
Purchasing a New Car & Home Improvements
Michael was windowed but loved living in his village bungalow which he owned for many years. At 79 years old, he wanted to remain in a location with friends and near his family. However, he needed some additional funds to purchase a new car and complete some necessary home improvements.
£20,000 was raised as an initial lump sum to provide £9,000 for a new reliable car, with the remainder used for a new boiler, replacement dormer windows, and some general refurbishment – this meant Micheal could remain in his bungalow. A drawdown facility was also put in place to support future emergency expenditure if this was required, knowing that interest on this part would only be applied if drawn down in the future.
Michael chose to roll up the interest on his borrowing with the initial interest rate fixed for the lifetime of his mortgage.
- Interest Fixed at Oustet for life
- Interest rolling up so debt increasing reducing estate value
- Overpayments allowed subject to limits which will reduce debt owing
- No negative equity guarantee
- Home Improvements and House Price growth supports estate value
- Drawdown Facility for future use provided
- The client remains in their home with no moving-related costs
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.
Registration Number: 12830348.
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.
