Securing a brighter future – legacy planning

By Lisa Boulton – Mortgage & Protection Adviser

The Challenge:

We recently met with a client who thought they were beyond help with turning their financial situation around. He wanted to create a more secure future not only for himself, but also a legacy for his children. Our client had an interest only mortgage with no repayment vehicle in place. This meant that he would likely be forced to sell his home in order to repay the debt at the end of the mortgage term which was looming.

How we helped:

After spending some time and working together, looking closely at his budgeting, we were able to show him how a few tweaks here and there meant that he could use more of his disposable income towards his mortgage. As a result we were able to present to him an affordable solution, which included switching his mortgage to full capital and interest repayment basis, meaning his mortgage would be repaid by the end of his new mortgage term.

What if the worst should happen?

We also ensured his mortgage commitments can be met in the event of early death, critical illness and loss of income. He can now continue to live in his home in the knowledge that it will always be his and that it will be passed on to his two children, debt free when he is no longer here.

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Alextra Wealth Management Limited which is an Appointed Representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. 
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