We began a three-step process with John, starting by understanding his challenges and aims, and finding ways we could implement a solution while ensuring that all his requirements were met or exceeded.
1. Initial Consultation
Our first meeting with John was fruitful. We had a fun conversation where he revealed his desire to provide for his children while also enhancing his lifestyle.
He mentioned his steady source of income and clarified that it wasn’t enough to support his goals. Having paid off his mortgage some 20 years prior, we suggested some solutions based around re-mortgaging his property.
Any doubts he had were washed away when we ran him through the process, showing how it would use his financial security to allow for improvements in his lifestyle while also providing enough money to help his children. Eventually, we settled on a RIO mortgage to unlock his home’s equity.
2. Customised Solution
The next step was to devise the solution. We crafted a RIO mortgage plan that would allow John to release his home equity while keeping the rights to his property.
This mortgage solution required interest only payments which would easily be covered by his monthly income.
This meant that John could preserve his daily lifestyle, provide enhancements to it with the extra capital, and supply his children with some much-needed support in buying their own homes as well.
3. Mortgage Process
The final stage was to manage the mortgaging process. John was a busy man and wanted to enjoy his retirement as much as possible, so Hansford Bell facilitated this by carrying out every step of the process – from application to approval.
This helped to ensure a seamless, hands-free transition – with no stress for John – into the retirement interest only (RIO) mortgage.