CASE STUDY
A retired couple, referred to us by a private bank, sought to purchase a new build home in South East London. Their plan was to leverage their £2.25m property through a Later Life mortgage and arrange a drawdown reserve to meet both their immediate and future financial needs.
The Unexpected Roadblocks
Unexpected construction delays caused by adverse weather posed a significant risk to the couple’s plans. With their offer nearing expiration and interest rates fluctuating, they faced the possibility of losing out on this property or settling for a less favourable mortgage. The situation was complex and time-sensitive, putting additional pressure on securing the right financial solution.
How We Navigated the Challenges
Supporting our clients to navigate these challenges required a significant amount of patience and persistence, particularly as the lender’s solicitor, with whom we couldn’t contact, controlled the requirements and timeline. Leveraging our strong industry relationships, we coordinated with all relevant parties, navigating the delays to ensure the clients remained on track to secure the property. In addition, we negotiated a cashback mortgage plan that better suited the couple’s preferences, maximising their benefits rather than simply opting for the lowest available rate.
Stephen Savill, our Later Life Mortgage Adviser, commented: “We are delighted to have achieved the outcome our clients wanted, despite the external challenges at hand. We maintained constant communication with the clients, solicitors, sales agents, and the lender to ensure a seamless process. We also extend our thanks to our professional introducers for their continued trust in us.”
The Henry Dannell Difference
This case highlights our commitment to delivering exceptional service, even in the face of unforeseen challenges. By truly understanding our clients’ needs and proactively addressing obstacles, we helped them achieve their financial goals and secure the ideal property. Collaborating effectively with all parties involved was instrumental in overcoming the hurdles and achieving the couple’s lending aim of an initial £400,000, supported by a drawdown reserve of £185,000.
Looking to Explore Your Later Life Options?
If you’re looking to unlock equity in your property to support your retirement goals, our team of specialist advisers can help you explore tailored solutions that align with your unique circumstances and financial aspirations. Contact us today.
Please note: Later Life mortgage options include Retirement Interest Only and Lifetime mortgages. To understand the features and risks, always obtain a personalised illustration.
Please also note: This is a case study and not indicative of typical results. Past performance is not necessarily representative of future results. This information is for general purposes only and does not constitute financial advice. Please seek professional advice before making any financial decisions.
