For one retired couple, the question wasn’t whether they could help their son onto the property ladder, but how and when to do it. The couple had discussed releasing equity to support their son previously but it was all about timing.
Finding the right time
This wasn’t the first time they had thought about equity release.
“We looked at it a few years ago and it just wasn’t the right time”
Back then, their son hadn’t saved enough money to pay the deposit.
“we wanted to wait until our son had enough of a deposit saved up”
They watched him save carefully over the years, knowing that when he was close, they could step in and make the difference. They had built up equity in their home and started to see it not just as security for themselves, but as a way to change their son’s future.
Their son was ready to buy, and they could see how much a large deposit, or even no mortgage at all, would change things for him.
“We thought rather than our son getting a mortgage, we have money in the house we can give him.”
Their goal was simple: “Take that pressure off him”
Meeting David and building confidence
The couple came to Bower Home Finance and were introduced to adviser David George. For them, the way the advice was delivered really mattered.
“David came out to see us, it wasn’t done over the phone”
They wanted to sit down with someone they could look in the eye, ask questions, and feel comfortable trusting with a significant sum.
“Ultimately, someone is handling £70,000 for me, I wanted to know who they were and put a face to a name”
They were also very aware of how the wider market works, having shopped around for some quotes.
“Ill be honest, I know there are places that offer to do this sort of stuff for free”
But for them, it wasn’t about “free”. It was about feeling confident in the person that is handling their application, that the advice was independent, clearly explained and centred on what was right for their family.
Putting it to use
Once everything was in place, they released money from their home and gifted it to their son.
“we gave him some of the money we had from our home to buy himself one”
The outcome was exactly what they had hoped for: they helped their son get onto the property ladder “mortgage free”.
For the couple, this wasn’t just a financial transaction. It was about seeing their son settle into his own home, rather than paying rent or struggling with mortgage payments. The couple said they would rather “use the money now, rather than if we go into care and that money gets used elsewhere”
Looking back
They know equity release won’t be right for everyone, and they took their time to be sure it was right for them. Looking back, they’re clear on how they feel about the experience.
“I would absolutely recommend Bower to anyone”
For this couple, using some of the value in their home to help their son become “mortgage free” felt like the right decision, at the right time, for the right reason.
Important to know
Bower Home Finance provides independent, impartial whole of market equity release advice with an award‑winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,695 be payable.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long‑term care. Equity release will reduce the value of your estate and your entitlement to means‑tested benefits now or in the future, and impact long‑term care funding. If you are considering equity release, we strongly recommend that you read our Equity Release page carefully and talk to one of our specialists before deciding if you wish to proceed.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.
