Mrs Harding

Mrs Harding, 84, widowed*

Assisting with care at home.
Property worth: £750,000

Mrs Harding was diagnosed with Parkinson’s and although very mentally stable, she became unable to complete day-to- day tasks without the need for care. The cost of her care at 
home is £1,400 per week. Mrs Harding does have her state pension, private pension, and attendance allowance but still has a shortfall of £707 per week; equating to £37,000 per year.
Although her sons have suggested she should go into long term care Mrs Harding is adamant that she will continue to stay at home for the rest of her life.
The solution?
Equity Release in the form of an Enhanced Lifetime Mortgage with the feature of a ‘cash reserve facility’. 
Mrs Harding took an initial amount of £20,000 and then drew down around £18,500 every six months to meet her care costs.
Sadly, two years later Mrs Harding sadly passed away comfortably at home as she wanted. The total amount Mrs Harding owes to the Equity Release provider upon her death is around £119,000. However, the value of her house has gone up to £1,100,000, so her two sons still have a worthwhile inheritance after the sale of the property.
Mrs Harding

Mrs Harding, 84, widowed*

Mr and Mrs Edwards*

Mr and Mrs Edwards, mid 60’s*

Mr and Mrs Edwards*

Mr and Mrs Edwards, mid 60’s*

Grandson’s House Deposit.
Property worth: £250,000
Mr and Mrs Edwards are both in their late 60s. Their grandson, Michael has recently finished his degree and started full time employment as an accountant.
With a baby on its way, Michael and his girlfriend are looking to buy their own place; however, Michael has had little savings throughout university and has been unable to save for a deposit.
The solution?
Mr and Mrs Edwards contacted their financial adviser to see if they would be able to help Michael and his girlfriend. This is where they learnt about a ‘Gifted Deposit’.
As Mr and Mrs Edwards own their house outright, they were able to use Equity Release to take out £20,000 of tax-free cash from their property and gift it in its entirety to Michael – giving him a great head start to be able to get on the property ladder.
Mr and Mrs Smith*

Mr and Mrs Smith*

Purchasing a dream home.

Property worth: £450,000


Mr and Mrs Smith have lived in the midlands their whole lives. The couple have always had the aspiration that once retired they will have the savings to move to the seaside in sandbanks; where family can come for holiday.
However, their dream home was £700,000. Unfortunately, the house is way more than the sale of their house, their savings, and monthly income can afford.
The solution?
Equity Release. Mr and Mrs Smith knew about Equity Release but were unaware that you could do such a thing on a property you don’t even live in yet. The couple had their current property valued, and it is now worth much more than they bought it for in 1965, and as a result they were offered £450,000.
They can now pay the short fall of £250,000 with a Lifetime Mortgage on the new house. The plan is on an interest roll up with the option of an annual repayment to stop the £250,000 accumulating interest to the property.
Mr and Mrs Smith*

Mr and Mrs Smith, 70 and 75*

Mr Pike*

Mr Pike, 66*

Mr Pike*

Mr Pike, 66*

Clearing outstanding debts.
Property worth: £520,000
Mr Pike has reached the end of his Interest Only Mortgage term, where he has an outstanding mortgage of £74,000. To repay this, Mr Pike pays £350 per month, in addition to his credit debt. Mr Pike has completely exhausted his savings, leading to the increasing credit card debt to pay some general bills and essential purchases. He is a prime example of ‘asset rich and cash poor’.
The solution?
Mr Pike’s financial adviser recommended a Drawdown Lifetime Mortgage with an initial release of £106,000 to meet his immediate needs, with an additional drawdown facility of £86,000 to withdraw further funds if and when he needs – without accumulating extra interest.
The adviser was able to show that with this solution, Mr Pike would be £734 per month better off. Mr Pike can now carry on his retirement without the worry of not being able to put hand to mouth each month and staying in his home until he dies or goes into long term care.

*Names and photos have been changed in accordance with our privacy policy.

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