When life throws us a big change, how financially prepared are we?

When life throws us a big change, the domino effect of this can often fall into areas of our life we had not expected. This was the case for Mrs B from Hampshire when after the sad death of her husband she found herself alone with no family to support her, and more aware of how quickly her savings were starting to diminish. She was concerned for her future and felt that she would have to supplement an insufficient pension from her savings. She was worried they would eventually run out - She had to find more funds and quickly.

Mrs B had heard about equity release as a way of accessing the money tied up in your property as a tax-free lump sum and had been thinking about it for a number of years. However, she was hesitant to do anything about it as she felt it was such a big decision to make alone. But when finances became so concerning she finally found the courage to find a specialist and make initial contact.

A search on Google revealed a number of options for her but when she was particularly attracted to Kevin Woods’ profile.

‘His name just jumped out at me and I liked the fact that he was local and independent. I felt more comfortable talking to an independent specialist than a big corporation – I wanted a more personalised, dedicated service.’

After phoning Kevin and explaining her situation, Kevin went to visit Mrs B in her home to find out more. She explained that she wanted to discuss using equity release to protect her savings as she wanted to keep what she had as an emergency fund and that she had no family to leave any inheritance. Kevin explained everything to Mrs B in great detail and they discussed the alternatives to equity release as options to also consider if applicable.

She explains, ‘It was psychological really; I needed financial reassurance that I had the funds available should I need them if my savings were to run out. I wanted to carry on leading the lifestyle to which I was accustomed for the rest of my life but I knew my current income wasn’t enough to fulfil my expenditure needs.’

Kevin reviewed her case and after researching the whole of market for the best product available, recommended that equity release was the best option for her.

After the initial visit from the property valuer and the equity release solicitor, the process began. Some issues with her application arose but Mrs B knew that both Kevin and his assistant Samantha, were working hard to address them, and she felt very well informed throughout the whole process.

When her case finally completed she was over the moon! At last she had the financial reassurance she was looking for to be able to comfortably enjoy her retirement. She was aware that should she need more funds in the future then the drawdown facility attached to her equity release might allow her to access more funds as and when they were needed, adding a further layer of reassurance.

I can now relax and enjoy life knowing that I can afford to do so! It’s one of the best decisions I have ever made and can really already recommended Kevin as I have already done to a number of other people. I can’t thank Kevin and Samantha for all their help and I know where they are should I need them again.’

As for Kevin, his ability to help people with their financial scenarios keeps him motivated and inspired and is always happy to help anyone who thinks that equity release might be an option for them too.

You must be over 55 years of age to qualify for a Lifetime Mortgage.Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.Equity Release: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

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Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back

Providers include

Pure Retirement

Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.

Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,695 is only payable on completion of a plan.

A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.