Case Studies -
Mr & Mrs Hughes
This case illustrates that being a Financial Adviser is about listening to peoples' stories and establish what they are saving for. Often the reason people save is for security.
Mr Hughes, 62, is a civil servant working in a stressful city environment. Mrs Hughes is a housewife aged 60. Their daughter lived in the North of England and had just had their first grandchild.
Mr and Mrs Hughes were considering retiring and moving to be closer to their daughter, naturally there were concerns relating to such a dramatic and personal change in their position. Ideally they would like to buy a second holiday home in the North of England so that they could try out the effect of living in a new area and of course better understand the dynamics that would be created by living closer to their daughter. Whilst they had some capital invested, (within socially responsible funds), they did not wish to cash all of their investments, (and potential source of future income) to purchase a second home.
After discussing this with their Hill Grafford adviser, the option of raising capital on their existing property to put them in a cash buyer situation in the North of England was considered. The next step was to introduce Maurice McGinn from Harborough Independent Mortgages. Maurice was able to recommend a fixed cost mortgage that would be portable to their new property should they decide sell up in the Midlands and relocate. Meanwhile their investments remained intact with the ability to provide income, if required, to meet the costs of the mortgage raised.
Mr and Mrs Hughes bought a house in the North of England and within one year decided that they had established a home that they felt provided an excellent base for their retirement. Mr Hughes left his job and they were able to relocate and sell their house in the Midlands, releasing some more capital that can be used to further increase their standard of living.
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