Securing equity release for a client following the loss of their partner

What was the situation?

I was approached by my client who had sadly lost their husband. He’d left property to my client, however the existing mortgage and title was still in her husband’s name. After exploring next steps, the client was granted probate and wanted to clear the existing mortgage, as well as raise additional funds for home improvements and transfer the property title into her sole name. She was in good health, therefore had no need to move out and was keen to stay.

The property was located in Kent and valued at £825,000. She was keen to borrow £225,000. This was enough to repay the outstanding mortgage and raised additional funds.

What was the issue?

As it is not possible to have a mortgage in a different name to the legal title, we needed to work closely with the client to ensure that the change in title and new loan completed simultaneously.

Additionally, the client was in her 80s and interested in having an “option“ to draw additional funds at a later date without the need for too much additional paperwork.

What was the process?

After establishing the client’s needs, it was important to ensure the immediate family also understood the finance being applied for.

Whilst speaking to the client and her family, I advised that additional legal support would be required to ensure the transfer of title was expediated at Land registry. I was able to suggest a conveyancer as part of the service, confident that they would deliver as expected.

Following their approval, I was able to lean on my long-standing lender relationships. I introduced the conveyancer and considered which lenders would consider an application of this kind.

What was the solution?

Following direct discussions with certain later life lenders, I was able to secure the full amount with the ability to drawdown for funds at a later date as required. The interest rate was competitive and I was able to obtain a free valuation and free lender arrangement fee for the client.

In addition we liaised with the lender, the conveyancer and legal 3^rd party, helping to manage the whole process from start to finish.

Now the property is in the client’s sole name and they have the security of being able to secure additional funds should they need to.

Are you exploring the option of gifting money to your children by releasing equity? At LDN Finance we’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates.

Get in touch with us to organise an initial consultation.