Nigel and Jenny had an interest-only mortgage, but as the end of their loan term approached, they realised they would have an outstanding amount left to pay off. With just a few months to resolve the issue, they were worried and started looking for possible solutions.
They considered downsizing but that would have meant selling some of their treasured possessions. And relocating would mean leaving their friends, favourite restaurants and the countryside where they love to walk their dog. They urgently needed a way to pay off their remaining mortgage that meant they could stay in the home that held so many memories for them.
Discovering a lifetime mortgage with Nigel and Jenny.
Nigel: I’ve lived in this beautiful Cottage with my wife Jenny for close on twenty years now. Jenny has her workroom at one end and I have my office at the other where I sit and write scripts and books and…produce films from.
We hadn’t done an awful lot to sort our future out, we had an interest only mortgage and there was a large amount of money owing. As for savings we didn’t have any.
Jenny: We wanted more than anything to be allowed to stay here without any worry.
Nigel: I first read about the lifetime mortgages in a newspaper and I thought hello!...this looks interesting, so I went online and did a bit more research…and contacted an adviser who could take us through the process and link us up with Legal & General.
There was a concern which was how would our children feel about this. They were immediately on our side…
Nigel: … they felt that that would be ideal, a weight off their minds, a weight off our mind, and they said “go for it Dad, go for it Mum”.
Everyone was very supportive, knowledgeable, clear and took us through the process in a nice, easy smooth way.
Jenny: And since our children are so happy about it, it feels that we don’t have to worry about anything anymore.
Nigel: Used to wake up in the morning with this terrible gloom thinking where am I going to put my books? Where am I go to put my files? What about all this lovely furniture? It was…I couldn’t deal with it, it really was doing me in.
Jenny: Anyway, what he does now...ehh, when he gets worried or anything like that he reads the letter from Legal & General...(ehh your firm)
Nigel: I do I keep it in my desk and I get up in the morning and I read the first line of the three paragraphs and go Wow, Wooow, this is so… wonderful!
Jenny: Since we have the lifetime mortgage we feel relaxed. We are not worried anymore, we feel safe.
Nigel: It’s a lovely thing.
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