How a lifetime mortgage helped with essential home improvements

A lifetime mortgage gave Katherine, 75, a tax-free cash lump sum.

It also gave her access to a flexible borrowing reserve to complete much-needed work on her home when her savings and pension would not cover the cost. She kept 100% ownership.

Thanks to our expert equity release advice, she was able to:

• Replace her boiler
• Replace her windows
• Renovate her kitchen
• Help with her daughter’s university fees

Why equity release was the right option

Katherine moved into her home 13 years ago and fell in love with it. Like many older properties, it needed renovations. This included a new kitchen, windows and a boiler.

Because of her working life, she didn’t have a lot of savings, and her only income was her pension. Katherine realised she would need to find a solution to her problem. She turned to Which? magazine for advice.

“I kept seeing things about equity release in the papers, but I was very wary. Because your home is your security and I’d spent my whole life paying off the mortgage.”

“I phoned ‘Which?’ and asked their advice. They referred me to StepChange.”

Expert equity release advice

With advice from Which? magazine, Katherine felt confident enough to contact us for further advice. It was important that she discussed her equity release options with her children, as it would affect the value of her property and any inheritance she might leave.

How a lifetime mortgage works

After carefully reviewing all of her options, and with the support of her children, Katherine went ahead with a lifetime mortgage. This gave her a drawdown option releasing an initial cash lump sum and access to pre-approved further borrowing facility, should she need it in the future.

There was no need to make monthly repayments. The mortgage and accrued interest will be paid back when the home is sold.

Unlike other providers, our advice is completely free, and there are no hidden fees. Our advice is always unbiased, as our advisors don’t work to sales targets, receive bonuses or commissions.

Why Katherine recommends us

Katherine no longer needs to worry about her home now all the work has been completed. She can focus on enjoying her retirement and spending time with her children and grandchildren.

“When someone is caring it makes such a big difference. That bit of caring is worth so much, and Richard provided it.”

Why you should choose us

•  Free advice: We do not charge you for advice. If you go ahead with equity release or a mortgage, on completion you will need to pay our Service Fee. This fee cannot be refunded
•  Unbiased: Our advisors are paid a salary. There are no sales targets, bonuses, or commissions. The advice you receive is always in your best interests
• 
  Trustworthy: Our Financial Solutions clients gave us a 4.9 out of 5-star average review on Feefo in 2022
• 
  Award-winning: We have won many awards for our service over the years

Releasing the equity in her home changed Katherine’s life and her family’s

Katherine reinvested most of the money secured through equity release into her home while keeping 100% ownership.

She was finally able to have a new kitchen fitted, which has always been an important part of her family home, as well as a much-needed new boiler and windows.

She was also able to support her daughter with her university fees, and gift her grandchildren.