How can I raise capital to make necessary alterations to my home?
- Mr Holder is a 71 year old widower
- He has sufficient income to cover his expenditure
- He requires £25,000 to have his home modified, to help him move about more easily
- His only asset is his home valued at £150,000
- He does not qualify for any financial help on the improvements
- Equity Release for £25,000 (lifetime mortgage)
- Contact Local Improvement Agency (LIA)
- Ensure have Lasting Power of Attorney in place (LPA)
- Make sure Will is up to date
Benefits from advice given
- Able to make improvements to home, that will help him move about more easily
- By contacting Local Improvement Agency (LIA) they can provide reputable and reliable companies to carry out the work
- By taking out Lifetime Mortgage this will not increase his expenditure, as interest on loan will be rolled up and added to loan.
- The loan can be repaid at any time, or left until the house is sold.
- Loan will be covered by SHIP (Safe Home Income Plans), so if loan exceeds value of property, Mr Holder or estate will not be liable for excess.
- Mr Holder will ensure a person of his choice can look after his personal affairs if he is later unable to.
- A Will sets out who is to benefit from your estate after death
Talk to us now!
Call us on either - Colchester: 01206 838400 / Ipswich: 01473 259201 or
We will look to carry out a regular review of your circumstances, objectives, needs and portfolio performance to ensure all arrangements continue to be suitable and advise of any changes that may be appropriate.
This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.