Objective
These clients, aged 71 and 72, were facing difficulties managing their finances in retirement, particularly with mounting debts. They needed a solution to consolidate their debts and ease their financial burden.
Obstacle
With £32.5k left on their mortgage and an additional £112.5k in undescured debts, they were struggling to find lenders willing to assist them. Their age and retired status made it challenging to secure the necessary funds, especially given their preference for a Retirement Interest Only (RIO) mortage.
Outcome
Our semi-exclusive criteria with LiveMore, which accepts debt consolidation on a RIO mortgage, provided the optimum solution, especially with their flexibility regarding loan amounts and missed payments.
With the clients’ various income streams, including private pension, state pension and benefits, we secured the full loan amount needed. The deal was structured with a 5-year fixed rate product at 6.96%, providing the clients with significant relief and increased disposable income.
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
