Getting retirement ready

The case:

A couple in their mid 70s were looking to purchase their final retirement home but not yet ready to sell.

The financial detail:

Their current home was valued at £600k, and the 'forever' retirement home valued at £280k. They required a loan of £300k against their existing home to buy the new home in cash, using additional funds to update their new home's kitchen and bathroom.

Income:

Alongside state pension income the couple had around £500k in a SIPP.

The solution:

TFI was able to monetise the SIPP, and use capital in order to create sufficient income to buy the new home, avoiding expensive bridging requirements.

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