Mr and Mrs E had been thinking about releasing equity from their home for some time. While they had no problem managing their finances, they felt inclined to unlock cash they had tied up in their property rather than exhaust their existing finances.
For them, it was the obvious decision: their children were financially independent and indifferent to whether their parents retained all the equity in their home. This made it the perfect opportunity to put their money to good use while they were both still fit and able.
The couple loved holidays abroad, as many of us do, and owned a share in a holiday home in the Algarve. The dream was to create a joint pot of money which they could draw on, allowing them to travel further afield to places such as Japan and South America. Accessing equity in their property would also give them the financial freedom to finally renovate their kitchen and bathroom (something they had always wanted to do), as well as redecorate their home and clean the driveway.
In short, this money offered the family a chance to do the things they had always wanted. Extra funds would also mean that Mr E could upgrade his car to a newer model.
They first spoke to Equity Release Supermarket after a referral from one of their close friends, who was extremely happy with the service she received from our team.
When we first met, Mr and Mrs E indicated that they wanted to release an initial lump sum of £50,000. However, after much deliberation with one of our expert advisers, we came to a joint decision that a plan which provided funds for the couples initial requirements together with the option of a cash reserve facility was more suited to their needs. This would allow them to draw on more cash in the future if they needed to.
While Mrs and Mrs E didn’t have plans to move at any time in the immediate future, nor did they envisage paying the plan off in full, it was important for them to be certain of the potential penalties should their circumstances change. Thus, a drawdown lifetime mortgage with fixed early repayment charges was perfect for their needs.
This is what they had to say about her family’s experience with Equity Release Supermarket:
“Jane (Equity Release Supermarket adviser) was excellent and went to a lot of time and trouble to explain everything to us, look for and achieve the best deal which would suit our needs. She helped us to decide on an appropriate amount of money with a drawdown facility, based on her knowledge of the various options and companies available.
Equity Release Supermarket were very knowledgeable and kept us up-to-date with everything that was happening. They listened carefully to our needs and used their knowledge to look for and obtain the best plan for us. The process was clear, and the pros and cons were always highlighted. We would definitely recommend them.”