Carpe diem – or ‘seize the day’ -- may be an expression familiar to most people, but, for each, it can mean something completely different.
For some people this might mean spending more time with the family, taking up new hobbies or revisiting old ones. For others, though, this can mean travelling to those ‘must-visit’ places or putting a few ticks on their bucket list.
One of the commonalities between all these opportunities, however, is that money is almost always a necessity. A relaxing round-the-world cruise or embarking on an exciting African safari, for instance, is no easy feat when there are bills to pay back home. That’s why many homeowners are taking advantage of an equity release scheme, to pay for those things they’ve always dreamed of.
Two of those people were Adrian and Lesley Edwards. Here’s the story of how they released equity from their home and, in turn, raised enough money to both travel the world and transform their home.
Equity release story
Adrian and Lesley Edwards 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: Adrian and Lesley’s 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 holidaying 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 Adrian could upgrade his car to a newer model.
How Equity Release Supermarket helped
Adrian and Lesley 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.
In our first meeting with Adrian and Lesley, they 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 Adrian and Lesley 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 Lesley had to say about her family’s experience with Equity Release Supermarket:
“Jane [ERS 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."
Get in touch
If you’re over the age of 55 and are interested in releasing some of the cash currently tied up in your property, while maintaining full home ownership, contact our team of friendly advisers today.
There are many plans to choose from offering a variety of flexible features – such as the one that Adrian and Lesley chose.
Whichever plan best meets your needs, you can spend your money however you wish. Whether it’s a world cruise, exotic travel plans or something closer to home, such as home improvements, we’re sure that at Equity Release Supermarket we can find a plan that fits the bill.