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Joe and Mary had an interest only mortgage and their bank was asking for the balance to be repaid which they had no way to do. They also wanted to complete some improvements like new windows and a downstairs wet room to make their home comfortable and safe. They used a lifetime mortgage to clear the mortgage and raise the extra funds they needed.
Bob and Anne did not wish to sell their home and downsize - they loved where they lived due to its proximity to the shops, their family and had lovely neighbours. However, they wanted to buy a static caravan for their holidays and couldn’t afford the monthly payments available through finance offered from the caravan dealer. They used a lifetime mortgage to raise the money needed to buy their caravan which both they and their children could use for very many years to come.
Tony and Barbara’s two children both lived in rental properties and as a result, did not have the money needed each month to save up a deposit so they could buy their own homes. They wanted to give their children an early inheritance and help them onto the property ladder. A lifetime mortgage enabled them to help their children become property owners.