Mr and Mr Jones lived in a beautiful cottage in a small village, close to their two sons and local amenities. Their property was a listed building and they spent most of their savings turning it into their home. They had yet to complete the work on the upstairs, in particular, converting the bathroom into a more practical wet room.
Mr Jones had recently been diagnosed with prostate cancer, so they were keen to finish the house and live in comfort. In addition, both of their sons were living in rented accommodation and were struggling to get onto the property ladder, so they wanted to help each of them with a deposit for a house.
They decided to borrow a £30,000 lump sum with an additional £20,000 drawdown facility, just in case. They used £10,000 to pay for a new wet room and gave a further £10,000 to each for their sons to invest in a new home. Their adviser made the process feel far simpler than anticipated. He did all the paperwork, held their hand along the way and even liaised with the conveyancer so they wouldn’t have to fill in the forms.
Unfortunately, a year later, they were involved in a car accident, resulting in their car being written off. Thanks to the drawdown facility, they were able to access the additional £20,000 with minimum hassle and purchase a replacement car to help them live out the rest of their retirement.
Juliet and her husband bought their home in 1973. They lived there all their lives, creating wonderful memories raising their children and spending time with friends and neighbours.
Now at 79, she had been a widow for over twenty years, living off her personal pension and a company pension. However, this wasn’t enough for even some basic house maintenance. Juliet was struggling to keep her home warm, watertight, comfortable and secure – just as it had been when her husband was alive. Every time she had saved a bit for house repairs, a bill came along wiping out the money, forcing her to start all over again.
Juliet’s’ daughter approached us to see if we could help her mum. The house needed new carpets throughout. The old wooden door and windows had seen better days and Juliet wanted a secure front door and new windows to help her keep the house warmer and the heating bills down. The boiler and the oil tank were as old as the house too and badly needed replacing. Last but not least, a modern bathroom was essential to make it safer and easier for Juliet to shower as well as being far nicer for her to use.
Juliet was glad her daughter got involved, but after our first meeting, she was happy to deal with us direct. She felt reassured that we could help her make sure her home was fit for her changing needs as she got older and less mobile.
Against the £250,000 value of her home, she borrowed £30,000. She used the majority of this to carry out the renovations and bought her granddaughter a digital SLR camera for her to use in her ‘A’ level photography studies. She was very proud of her granddaughter and wanted her to enjoy her studies and produce amazing photos with a gift she would treasure forever.
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