Helping family to take that first step onto the property ladder
Tom and Charlotte opted for a living inheritance to help their daughter buy her dream first home.
Tom and Charlotte (not their real names*) live in a four-bedroom home in South Dublin, which they purchased 40 years ago. Now in their 70s and enjoying a happy and busy retirement, they’re making the most of their ample pension provision, including a few well-earned getaways to Spain and the Canaries.
Like many parents, they wanted to give their children a helping hand too. A few years ago, they sold a second property for a substantial sum, gifting some of the proceeds to their children. When their daughter needed extra support to buy her first home, Tom and Charlotte decided to use the rest of the money to help her make it happen. That way, she could benefit from her portion of the inheritance earlier, while her siblings would then share the value in the family home when the time came.
Even with Tom and Charlotte’s gift and their daughter’s contribution, they were still €100k short. That’s when they got in touch with Spry. Through a Spry Lifetime Mortgage, they were able to release some of the equity tied up in their home, helping their daughter finally secure a place of her own.
Like all Spry Lifetime Mortgages, no repayments are required, but Tom and Charlotte chose to make optional repayments. These can be up to 10% of the original loan amount each year, reducing the amount owed over time.
For them, it was important that the remaining equity in their home would still benefit their other children in the future. As Tom put it, “We wanted to help now, while we’re here to see the difference it makes, but also make sure we’re thinking ahead for the rest of the family.”
* True customer case studies using fictional names