Case Study –Lifetime Mortgage | Drawdown Reserve

Value £1,250,000
Loan £375,000 + £206,875 drawdown reserve
LTV 46.55%
Rate 4.30% MER
Adviser - Stephen Savill

The Client

Our client owned two properties and used both of them – a residential home in Surrey and a property in London, close to her choral society. The fixed-rate mortgage on her Surrey property had recently expired and her term had less than a year to run. The lender’s Standard Variable Rate (SVR) meant that she now had an income shortfall, and her savings were exhausted. With two properties to maintain, she was concerned she would have to sell her London property and sacrifice her passion for singing.