How Jenny and John used the Property Plan to refurbish their B&B

Married for 45 years Jenny and John have run a small bed and
breakfast business from their home in Eastbourne for many years. Over
time the property has become a little run down and it needs re-wiring
and re-plumbing, the cost of which is beyond their means. They have
spoken to their bank and despite a long-term history of careful
financial management, the bank is unwilling to help because of their
ages - 71 and 73 - and the fact that once refurbished, their income
will still only meet their living needs and will not produce a surplus
to pay back the bank loan.

Jenny and John speak to their financial adviser who tells them Retirement Plus will consider business usage as long as the refurbishment work is done in such a way as to allow an easy switch into a family home. Furthermore Retirement Plus will calculate its ownership percentage on the value of the property after the work has been completed. Jenny and John have a Protected Share so they can guarantee and an inheritance for their family.

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Check that this Property Plan, a type of home reversion plan, will
meet your needs if you want to move or sell your home or you want your
family to inherit it. You should always seek independent financial and
legal advice. If you have not retained a Protected Share we may end up
owning a 99.90% share of the property.