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When you are talking to clients considering an equity release plan, it may help to have a few examples to hand of others who have already benefited from our service.
Every year, thousands of later life homeowners are able to do more of the things they want to in retirement thanks to equity release. Here are just some of the success stories we have from recent years…
Mr E from Essex: aged 75
and owns a property worth £150,000 with an interest only mortgage of £36,000.
He receives state pension, occupational pension and some
Existing mortgage lender insisting upon mortgage being
repaid despite the fact that it is being serviced.
Customer decides to opt for a lifetime mortgage because he
wants security of knowing there will be no need to repay it.
Opts for a scheme where he can continue to pay the interest
monthly whilst he is still receiving self-employed income. Should this income
cease he can stop making payments and the plan will convert to interest
Customer also take the option to borrow an additional £5,000 for home improvements plus another £5,000 for medical costs.
Mrs M; 69 years old divorced. Owns a property worth £170,000 with no mortgage.
Receives income from a state pension and small occupational pension, this provides enough for living expenses but makes it difficult to afford unexpected costs and non-essential items.
Customer wishes to pay for home improvements, to change her
car and to assist her son financially.
She opts to take an ER plan for £25,000 with a £15,000
drawdown facility. The initial advance allows her to meet her current
objectives and the drawdown facility provides a reserve to pay for future costs
such as home maintenance and holidays.