How people have used equity release?
Mr. X – Was aged 82 and had a house worth £290,000. His current mortgage was £180,000 and was due to expire in 4 months. Because of his age, and the fact that he lived largely on a state pension he could not get an ordinary mortgage. He was at risk of losing his home. We used an equity release mortgage to repay his existing debt. This meant that he could continue to live in his home whilst saving the £721 per month that he was spending on mortgage repayments. His standard of living improved immediately.
Mr & Mrs. X– Were aged 62 and 59 they had a mortgage costing £850 per month and credit card debts of £42,000 costing £1680 per month. Because of their debt they could not qualify for a mortgage. Equity release enabled them to pay off their debt and save over £2,530 in expenses.
Mrs. S – Used an equity release product to release £10,000, this allowed her to improve her pension by £75.00 per week for over 2 years and also build a small reserve fund of £2,200. It allowed her to enjoy trips to the theatre, something she had always enjoyed. Because she had a reserve facility, she was certain that she would be able to continue to withdraw money as she needed for many years.
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