When Ms Monte’s existing mortgage was coming to an end, she faced a decision familiar to many homeowners in later life: find a way of paying off the mortgage without selling the home she didn’t want to leave. For Ms Monte, the answer wasn’t that hard to find.
Finding the right fit
She’d started looking into her options around a year before the mortgage was due to end.
“I knew I’d got to do something like this, because I started looking into it about a year or so ago, because my mortgage was finishing… and I don’t want to sell my bungalow at the moment.”
She’d tried another provider first, but found their process intrusive and didn’t trust it.
“I tried to go to another provider myself, but I wasn’t getting… satisfied with they wanted to know everything I was going to do with the loan, and I didn’t know until I’d got it.”
So she searched online instead.
“I went on the internet, and I saw Bower came up. I didn’t know who they were, and so I thought, you know, email them or phone them… and they were very good.”
Working with Vanessa
Ms Monte worked with adviser Vanessa throughout the process, and came away with a strong impression of the support she received.
“Very good and helpful.”
Unlike some equity release stories, Ms Monte didn’t describe any hesitation or uncertainty along the way. She’d done her homework long before picking up the phone.
“I’ve known about, I’ve read about all this sort of thing for ages. I knew what I was about.”
A decision built on experience, not guesswork
Ms Monte was clear-eyed about why she chose to release equity the way she did, paying off interest monthly, rather than letting it compound. She had seen what could happen when that decision goes the other way.
“I had heard that someone, my sister knew an elderly couple, they did it, and they didn’t pay off like I am monthly, so just the compound interest was ridiculous. Now I wouldn’t do it that way… I like to pay off each month.”
For her, the appeal of equity release wasn’t just access to funds, it was the ability to manage it responsibly and protect what would eventually be left behind.
“I wouldn’t just advise people to do what this couple did… so you’ve got nothing for your children, because it’s all gone, isn’t it? When you go, because it’s built up over the years.”
Putting it to use
With the funds released, Ms Monte has been steadily working through a list of jobs around her house and garden.
“I’ve got it there. I’m having things done on the house in the garden, gradually. I’ve got a chap that does things for me, and he’s doing all the little bits and pieces.”
The work isn’t dramatic or extravagant, it’s practical, ongoing maintenance she’s wanted to get to for a while.
“It’s not for extravagant holidays… it’s not for that sort of thing.”
“He’s coming shortly, this chap, to paint the facias, the bits of wood, and then renew bits of the guttering that’s not too good after all these years.”
Seeing it as a continuation, not a new start
For Ms Monte, equity release wasn’t a leap into something unfamiliar. It was simply picking up where her existing mortgage left off.
“It’s really continuing what I had before, you know, it’s more or less the same amount as well, so it’s not much different, really.”
“It’s a continuation, really, of the mortgage that my husband and I had.”
That framing, same monthly outgoing, same sense of structure, was what made the decision feel straightforward to her.
Looking back
Ms Monte recognises that equity release suits different people for different reasons, and that her own circumstances shaped her approach.
“I don’t know what it is for other people, but for myself, it was just continuing what I was doing before, so it suits me. But different people, maybe they had no mortgage and they suddenly want a big lump sum after their property”
Whatever the reason, she’s clear that the key is going in with a plan.
“No problem with it at all, really… as long as you can pay it… I don’t leave nothing to worry about.”
Looking at her own experience, Ms Monte is happy with where she’s landed.
“I do know what’s right for me.”
Important to know
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest, is to be repaid upon death or moving into long-term care. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits now or in the future, and could impact long-term care funding. If you are considering equity release, we strongly recommend reading our Equity Release page carefully and speaking with one of our specialists before deciding whether to proceed.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage secured against your property. All features and risks are thoroughly explained in your free, personalised illustration.
