Equity release portfolio – Mr and Mrs B
Mr and Mrs B were living on a state pension and so had limited monthly income. They were looking to replace their ageing car which was beginning to cost a lot to keep in good repair. They also wanted to carry out some renovation work on their home, and to give some money to their children and grandchildren – all without eating into their savings. They owned their house fully, with no mortgage, but did not want to move because they had local ties with family and friends, and felt the cost of moving was prohibitive.
We discussed various options with Mr and Mrs B, ultimately recommending a lifetime mortgage which allowed them to access the money they required without the need to make monthly repayments. The loan will be repaid when the property is sold in the future. You can find out more about equity release here.