You may not have to downsize

A couple in their late 60s who lived in a house worth £250,000 in a desirable part of Bournemouth were very worried: they thought that they would have to downsize, and move to a less attractive area, a long way away from their network of family and friends.

We had a conversation to assess their situation. The problem was that they still owed around £100,000 on an interest-only mortgage, which they needed to repay before their 70th birthdays. They did not have such capital, and they had not been able to arrange a re-mortgage. The situation was proving very stressful.

We talked through the options. They could downsize. But a quick calculation, deducting the cost of moving from the profit on their house, showed that they would not be able to afford a property in their local area. They would have to look for something a good deal less expensive, which would mean moving to an unfamiliar area, where they would not know anybody.

We then looked at equity release. By using such a scheme to fund their property purchase, they could stay in the district that they knew and loved. When I explained how the scheme could work and what it would mean for them, the lady commented:

“Thank you so much. I have peace of mind for the first time in several years.”

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

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