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Case Studies

Case studies

At Equity Release Supermarket, we pride ourselves on our positive customer feedback. In fact, our expert online and face-to-face advice is supported by independent review service feefo, who has awarded us with a Gold Trusted Service Award due to our 99% positive client feedback.

Our customers use their money for many different reasons, but they also have a lot in common too. They have all valued their local Equity Release Supermarket adviser who has been by their side throughout the process. They have also all seen the difference that equity release has made to their lives.

If you’re about to start your equity release journey, why not take a few minutes to read some of our customer’s stories.

To make the most of retirement

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. Show more

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.”

For life’s emergencies and home improvements

Mr and Mrs B were introduced to Equity Release Supermarket following a friend’s recommendation.

They had recently bought a new home without a mortgage and wanted extra money to refurbish it and to have a little extra money for a rainy-day because they didn’t have any savings. They ideally wanted to raise £13,000 to improve their kitchen and have £17,000 for their rainy-day fund.

As their emergency fund wasn’t needed right now they were also looking for a way to have this money available, but be able to draw on it as and when they needed to, thus being in control of their future balance which was important to them. Show more

After meeting with Simon their local adviser, he recommended to them a Drawdown plan because of its competitive interest rate and because of its flexible features, which allowed Mr and Mrs B to set up the cash facility they were looking for. This allowed future withdrawals as and when they needed it. As the plan allowed for flexible repayments, they also had the option to repay some of their borrowings if they ever wanted to.

To repay debts, gift to family and home improvements

Mr and Mrs S contacted Equity Release Supermarket as they had been considering raising capital from the equity in their home for some time. They had looked at other options including down-sizing however they liked where they lived and wanted to release some of the equity they had gained from house price inflation over the last 33 years.

As they had £15,000 of debts, they wanted to repay these to enhance their quality of life and modernise their home through updating their bedroom and ensuite, upgrading the kitchen, replacing their boiler and making their attic accessible. They also planned to gift £3,000 to their granddaughter for her to save for her future. Show more

Their children were both financially independent and fully supportive of their parent’s decision to enjoy their retirement and so leaving an inheritance wasn’t a concern for them.

Ivor, their Equity Release Supermarket adviser explained that on top of their itemised objectives, Mr and Mrs S could release an additional £36,822 from their home that was valued at £240,000.

They decided to borrow the full £36,822 as they planned to take a nice holiday in the near future and they were also considering buying a new car.

Mrs and Mrs S accepted that they would pay more in compound interest on their lifetime mortgage by borrowing their maximum facility, but weren’t concerned as their children weren’t interested in the impact on their inheritance.

To repay the mortgage following bereavement

Mrs J discovered Equity Release Supermarket after researching on the internet. At first, she wasn’t sure if equity release was right for her and she spent several months chatting to Mark, her local adviser before making the decision to go ahead and meet with Mark to talk through her options.

Sadly, Mrs J’s husband passed away last year, and he was the sole name on the deeds to their home. When he died, their family home was left to her in her husband’s will. Show more

As her husband took care of all their finances, Mrs J wasn’t aware that there was still a £65,000 mortgage outstanding on their home. As she now had a limited income, her bank wouldn’t let her transfer the deeds of the house to her name until the mortgage was cleared and they advised that she would need to sell her home.

After losing her husband, the last thing Mrs J wanted to do was to sell the family home with all its memories of their life together and so she spoke to Mark about how equity release could help her.

Mark advised Mrs J to take out a lump sum lifetime mortgage plan for £75,000 which would repay the mortgage, pay for the transfer of the deeds and provide her with some extra money to make a few home improvements.

Once the mortgage was repaid, the deeds could be transferred into Mrs J’s name and secure her home for the future.

As Mrs J was about to receive her State Pension, she would have a bit of extra income and so she chose a plan that allowed for flexible repayments, which would allow her to reduce the impact of accruing interest on her plan.