Bower recently assisted a retired couple in their late sixties who wanted to repay their existing mortgage, reduce their potential inheritance tax liability; pay for a few home improvements and offer a helping hand to pay for their grandchildren’s private education.
Award winning equity release specialists Bower, who cover the whole of the UK with their in depth equity release advice service, provided independent financial advice and researched the whole of the equity release market before settling on a Lifetime Mortgage from a Safe Home Income Plans (SHIP) registered provider.
A tax free sum of £300,000 was released from the couple’s property and now they enjoy a reduced inheritance tax liability; home improvements; a quality education for their grandchildren and a significantly increased retirement income.
They also have the benefit of no future monthly repayments and competitive terms.
‘The procedure was made easy to understand and the legal safeguards fully explained. We have no regrets whatsoever and our family is equally satisfied’ said Mr & Mrs Parry of Buckhurst Hill in Essex.
A Lifetime Mortgage involves the provider lending a percentage of the value of your property. You are charged interest on the loan at a fixed rate, but there are no monthly repayments and no set term.
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.