Mr Hartley, 83, wished to release further equity from his property to purchase stock in his family business. Mr Hartley needed to clear his existing Lifetime Mortgage for £1200000 from his new facility of £1747000 which then allowed him to invest in the family art gallery with the remaining £547000.
Not only did the tax-free cash released give Mr Hartley a further opportunity to become more involved in the family business, by reducing the value of his estate he could also potentially diminish the future impact of Inheritance Tax.
