An ageing population is a nice problem to have, but as we continue to live longer, the issue of suitable accommodation for the elderly will become increasingly important. Indeed, enabling mature borrowers to downsize is an integral part of the property moving cycle, as it frees up larger properties for families who are looking to move up the property ladder with a resultant cascade effect all the way down to first time buyers.
Clearly, anything that can be done to facilitate movement at the top end of the property market is beneficial for society as a whole and UTB’s Bridging Department plays its part by funding many downsize cases.
In this particular case our downsizing borrowers were an elderly couple, one of whom was suffering from Alzheimers, and a Power of Attorney (POA) had been granted to their three children. As a responsible and sensitive lender, we are used to dealing with Attorneys in such delicate family situations, where of course the facts, efficacy and background to the POA have to be gently, but robustly tested.
Our experience in dealing with Attorneys acting under a POA, as well as trustees where we lend against trust assets proved invaluable and with our case manager shepherding the application through, the loan completed with the minimum of stress to the borrowers and their family and enabled the couple to move to their new home to continue their retirement.
Loan Amount: £198,200