When a retired couple approached Equity Release specialists Bower looking for a way of funding home improvements and a visit to New Zealand to visit their son, they were delighted with the clear and friendly advice they received.
The couple, who were in their seventies, wanted to get their mortgage paid off and settle their outstanding credit so they had more money to spend every month on the things that mattered most.
£54,000 Released through a Lifetime Mortgage
After going through the in depth independent financial advice process that Bower is well known for, and indeed won an accolade for at the 2009 Equity Release Awards, the couple were able to release £54,000 tax free from their property which was valued at £160,000.
A Lifetime Mortgage was selected from a Safe Home Income Plans (SHIP) registered provider, thus providing the homeowners with the guarantee that they could stay in their property for life and would never owe more than it is worth.
New Bathroom and Kitchen and a Once in a Lifetime Trip to New Zealand
The customers now enjoy a renovated kitchen and bathroom; cherished memories of a once in a lifetime trip to visit their son in New Zealand; total peace of mind in having an emergency savings fund and more money to spend each month now their mortgage and credit has been paid off. They said: ‘We felt very relaxed when talking through our equity release plan with Bower; the adviser made us feel very at ease and explained everything in a very clear and friendly manner.’
A Lifetime Mortgage involves borrowing a percentage of the value of your property. You’ll pay interest on the loan at a fixed rate, but without monthly repayments.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.