Lifetime Mortgage to Supplement Pension Income in Norfolk
£85,000 · Lifetime · 5.80% fixed for life (MER). A 71-year-old widower in Norfolk was asset-rich but income-poor.
The Client
71-year-old widower
The Challenge
A 71-year-old widower in Norfolk was asset-rich but income-poor. His home was worth £305,000 and was mortgage-free, but his state pension and small occupational pension left him with limited monthly income. His adult children supported the decision to release equity to improve his quality of life.
Our Solution
Doulton arranged a lifetime mortgage of £85,000 - representing a conservative 28% LTV - with a no-negative-equity guarantee. The client chose the drawdown option, taking an initial lump sum and retaining a reserve facility for future use. Independent legal advice was provided and ERC's guidance followed throughout.
The Outcome
Initial drawdown improved the client's monthly income position substantially. The drawdown reserve provides flexibility for future needs. Family involved in the decision and satisfied with the outcome. No monthly repayments required. Key highlights: Conservative 28% LTV - no-negative-equity guarantee; Drawdown option retained reserve for future use; Family involved and supportive - ERC guidance followed throughout.