We recently helped a 65 year old client in Southampton release equity from his home.
Retired and with little savings, he found himself needing to access capital to help fund a recent separation, along with needing funds to by a new car, renovate the home, and then having some to set aside to help him cope with the recent increase in the cost of living.
Having lived at the home for 40yrs, and with many memories there, he wasn’t keen on the idea of selling and downsizing in order to access the money needed. Unfortunately there were no other assets to use at this time either so he was pleased when we were able to release money from the home to satisfy all his financial needs.
With the cost of living reducing disposable income, he was keen to take advantage of the fact that equity release products do not require monthly payments to be made as standard. However, with an increase to pension income due in the future, it was nice to know that he could start making payments on a regular basis as soon as his income allows it, protecting the remaining equity to give to his children in the future.