Success stories

Equity release has changed our lives

Some customers unlock money from their homes because they want to be able to enjoy more holidays or make home improvements. For others, equity release is a lifeline – a chance to sleep at night.

Mr & Mrs Humphreys from Essex are one such couple.

In 2016 they both found themselves unemployed and taking retirement earlier than planned, just as the term on their interest-only mortgage was due to end.

A desperate situation

 

After my husband’s career came to an end due to health problems we managed on my income for more than ten years. But then I found myself pushed out of my own job of 31 years.

explains Mrs Humphreys

It left us with very little money to pay for the mortgage, bills and groceries. We did our best to get by, but we were in a desperate situation.

Like many others, Mr and Mrs Humphreys had taken out an interest-only mortgage on their home.

With the term on the mortgage due to expire, they spoke to their mortgage provider, only to be refused a new deal due to their age and change in circumstances.

Downsizing wasn't an option

The couple faced the prospect of having to sell their much-loved home so that they could pay off the mortgage.

Our house is a two-bedroom property, so downsizing wasn’t an option. We considered moving to a cheaper area – but I have lived in this area of Essex for 74 years and it broke my heart even thinking about moving.

The stress of potentially losing their home soon took its toll. Mr Humphreys fell into depression and Mrs Humphreys had a heart attack.

A way out

 

We knew we needed a way out, and so when we saw an advert for equity release, we decided to find out more. Bower Retirement is based quite close to us, so we enquired there.

The couple rang to book a home appointment with their local adviser, who recommended they invite their son along too, in case he had any questions of his own to ask.

Our adviser made us feel so at ease straight away. He answered all our questions, talked us through the alternatives to make sure we had considered all of our options, and explained everything so clearly.

 

Light at the end of the tunnel

Due to Mrs Humphreys heart attack, they were able to unlock a larger percentage of their home by qualifying for an enhanced equity release plan.

It meant they could release enough to pay off their mortgage in full and cover the costs of arranging the plan.

After our run of bad luck, bad news and health scares, it was the light at the end of the tunnel for us. More than anything we just felt relieved. We didn't have to sell our home, we didn't have to move away. It was a huge weight off our shoulders in an instant.

 

A better life

 

Equity release has changed our lives in every way. We have a bigger disposable income each month, our home is secure and ours for life, even our day-to-day lives have improved in terms of us being able to afford to buy healthier food.

Life is much better now, and we can sleep at night!

I would recommend Bower to absolutely anyone considering equity release. It isn't a decision to be rushed into, and our adviser gave us all the time we needed to understand everything.

What stood out most was that we were never put under any pressure, it was all so easy going. It felt as if every part of the service had been tailored just for us. We're go grateful for their help, I don’t know how we would have coped otherwise.

We can stay in the home we love thanks to equity release

Margaret Taylor, 69, shares her home in Colchester with her mum, who has found it harder in recent years to use the stairs.

My mum is getting on now and I was worried about her having a fall when she’s going up and down the staircase to get to her bedroom and the bathroom

explains Margaret

We considered downsizing to a bungalow, but it would have been too expensive and we’d have had less room. I wondered if a garage conversion would be possible, so we spoke to a builder and came up with a plan to add a downstairs bedroom and shower room so we wouldn’t have to move.

Margaret needed to raise the money for the conversion, so after speaking to her brother, who already has an equity release plan, she booked an appointment with Bower Retirement to find out more about her options.

I was so impressed with Bower from the very beginning. My adviser, Gordon, came to my home to meet with me and mum, and he was so friendly. He took the time to explain everything to us and made it all very simple for us to understand.

One thing that stood out for me was that it didn’t feel like talking to a salesman, which is what I think I had been expecting. It was clear that he wanted us to make the right decision for us, so he spent time explaining the alternatives.

After the appointment, Gordon left Margaret and her mum with all the information they needed so they could read through everything in their own time.

Before deciding to go ahead, my son had a few questions of his own. I wanted him to be happy with my decision and to feel involved, so Gordon talked to him on the phone and went through everything with him, answering all his questions.

Soon afterwards, Margaret decided to go ahead.

It took a surprisingly short amount of time to go through, and within a few weeks we were able to book the work in. It was such a smooth and straightforward process!”

says Margaret.

Moving house and downsizing to a bungalow would have been so stressful, both for me and for my elderly mum. Now we have peace of mind that we can stay in our home and have it adapted to suit mum's needs. It really is the best of both worlds.

I would recommend Bower to anyone considering equity release. You must think carefully about it and get the right advice from the right company. For us that was Bower, absolutely.

Equity Release Leads to Improved Lifestyle & Contingency Fund

Mr and Mrs Pascall, a retired couple in their 70s, came to us wanting to release money from their home so they could enjoy more holidays and pursue their hobbies. Also, in view of the fact they had no savings they could immediately access, they wanted to have a small fund available in the case of an emergency.

Our independent equity release adviser met with them, got to know them, talked through their options and recommended a plan to help Mr and Mrs Pascall achieve their goals. This included releasing an initial £15,000 tax-free lump sum with a Flexible Drawdown Lifetime Mortgage. This would allow Mr and Mrs Pascall to fulfil their immediate needs, and have access to further funds if they should ever need them without the expense of paying interest on all of the monies from the outset.

Mr & Mrs Parry; Buckhurst Hill, Essex

Equity Release Funds Grandchildren’s Private Education & Reduces Inheritance Tax Liability

Mr & Mrs Parry wanted to release £300,000 to help them repay their existing mortgage, fund essential home improvements, provide financial support for their grandchildren’s private education, as well as mitigating potential inheritance tax liabilities.

Mr & Mrs Parry also wanted to downsize within five years and with our help we made this all possible. By searching the whole of the equity release market we were able to find the suitable Lifetime Mortgage that enabled all of the above.

 Very helpful in explaining all our options and the costs involved and kept us fully up to date with the progress of our application.

Mr & Mrs Pascall; Romford, Essex

Bought a £50,000 Barge & Funded Regular Travel with an Equity Release Plan

Mr South came to us looking to release money to help fund a dream purchase in retirement whilst ensuring an inheritance to his beneficiaries. We arranged the releasing of a £65,000 tax-free sum that Mr South used to purchase a £50,000 barge and pay for the extended leisure time he had always planned for.

Our independent equity release adviser explained all the advantages and disadvantages of equity release and Mr South decided that this was the right option for him.

After we researched the whole of the market and recommended a Home Reversion Plan, Mr South was able to enjoy his retirement on his new barge and also have the knowledge of a guaranteed inheritance to his beneficiaries.

This money helped Mr & Mrs Pascall reward themselves with multiple holidays whilst having the security of an emergency fund with a drawdown facility of £2,000 per withdrawal as and when they should need it.

You couldn't have been more helpful; you took time to explain everything in detail. I have already recommended you to my friends and will continue to do so.