Assisting a client who was in difficulty due to a lack of income

- Client struggling financially in retirement as outgoings exceeded income
- Debts building up due to inability to make payments
- Causing great stress and anxiety to client
- All while living in a mortgage-free property worth £1m
- Recommendation for a lifetime mortgage that cleared her debts, funded home improvements and provided her with additional income
- come
Client’s circumstances
A retired woman in her late 70s, finding that her income was not sufficient to cover her outgoings.
Issues addressed
Client’s financial difficulties had led to her accumulating debts and experiencing stress and illness. Friends and neighbours had been providing financial support as the situation worsened as she had no longer had any family.
Tailored solution provided by John Lamb Hill Oldridge
We recommended a lifetime mortgage with a drawdown facility from which she could access funds to provide an income for the rest of her life. The initial amount borrowed was used to clear her existing debt, carry out some home improvements and create an emergency fund for any unexpected costs that may have arisen.
A drawdown facility was arranged to provide sufficient funds to supplement her income for the rest of her life.
This case shows how equity release contracts can be used to provide vital additional income, and how John Lamb Hill Oldridge advisers can improve clients’ financial positions.
Other Insights
Q&A with Holly Hill, Associate Director at John Lamb Hill Oldridge
In this new series of Q&A articles, you can learn more about our esteemed team members who ensure that our clients receive the very highest level of service. Holly Hill is an Associate Director at [...]
John Lamb Hill Oldridge shortlisted at the 2025 Global Advisory Experts Annual Awards
We are delighted to announce that John Lamb Hill Oldridge has been shortlisted for the Financial Planning Advisory Firm of the Year in England at the 2025 Global Advisory Experts Annual Awards. These awards recognise [...]
Managing the financial up and down cycle for wealthy clients
A long-standing business owner with a high-risk property development business Business prepared for sale for a price in excess of £50 million The sale fell through, leading to financial problems for the client Recommendation [...]