Jakob Lemberger from Magnetic Money did not expect his first equity release case would halt a repossession order in its tracks. He explains more:
As a mortgage and insurance broker for many years, I have arranged my fair share of large loans and highly complicated deals. Last year, I started training in equity release and recently qualified. That’s when I got the frantic call from John (not his real name, of course).
By the time John had called me, he was under enormous pressure and practically falling apart. John, a retired man and proud grandfather, was living with his wife in a spacious four bedroom house for the last 40 years. Whilst John and his wife were enjoying the life of being doting grandparents, what they hadn’t done, was plan their financial future.
The interest-only mortgage on their home had expired 15 years before, but the lender allowed them to continue paying interest, rather than demanding full repayment. After 15 years, the lender changed their relaxed tune. The day John called me, he explained that the bank had suddenly demanded full repayment, and whilst the court case had been adjourned, he was about to have the second hearing where a repossession order could be issued.
Upon hanging up with John and making a few calculations, I knew equity release might be the answer. We met within hours and after an in-depth discussion, collecting all relevant details and facts, I was able to place hope within their despair. Then, the clock started
ticking…I immediately did the required research, collected and checked all relevant documents (I never had clients who provided me with all documents so fast), and called up the compliance department of my network, HomeLoan Partnership, who worked tirelessly to ensure everything would be approved urgently.
After applying to Legal & General Home Finance, I wrote a letter explaining the steps I had taken, and that the lender had already agreed to lend in principle. John hoped this would convince his existing lender and the court to adjourn the next hearing and make the whole process unnecessary.
Whilst the lender’s solicitors were not too keen, the judge adjourned the case. One hurdle overcome!
We got the offer quickly, and now it was the turn of the solicitors to work quickly and conclude this deal. They were tremendously forthcoming, appreciating and valuing the desperation, so the equity release completed in no time.
It was after a blur of many, many overtime hours spent in the office, when funds were released and John’s home saved from repossession- literally in the nick of time! And all that was worthwhile just for the thank you from John and his wife, who both expressed their intense, unmeasurable relief, at the gift of keeping their home.
I have helped many first time buyers to buy their first home, many people to realise their dreams, but never have I felt so much satisfaction, making my job a real pleasure not just a way to earn a living.
