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How a lifetime mortgage helped with essential home improvements

A lifetime mortgage gave Katherine, 75, a tax-free cash lump sum.

It also gave her access to a flexible borrowing reserve to complete much-needed work on her home when her savings and pension would not cover the cost. She kept 100% ownership.

Thanks to our expert equity release advice, she was able to:

  • Replace her boiler
  • Replace her windows
  • Renovate her kitchen
  • Help with her daughter’s university fees
To understand the features and risks of a lifetime mortgage ask for a personalised illustration.

Why equity release was the right option

Katherine moved into her home 13 years ago and fell in love with it. Like many older properties, it needed renovations. This included a new kitchen, windows and a boiler.

Because of her working life, she didn’t have a lot of savings, and her only income was her pension. Katherine realised she would need to find a solution to her problem. She turned to Which? magazine for advice.

“I kept seeing things about equity release in the papers, but I was very wary. Because your home is your security and I’d spent my whole life paying off the mortgage.”

“I phoned ‘Which?’ and asked their advice. They referred me to StepChange.”

Considering releasing equity?

Talk to the experts today. Book a no-obligation consultation using our online contact form.

Expert equity release advice

With advice from Which? magazine, Katherine felt confident enough to contact us for further advice. It was important that she discussed her equity release options with her children, as it would affect the value of her property and any inheritance she might leave.

How a lifetime mortgage works

After carefully reviewing all of her options, and with the support of her children, Katherine went ahead with a lifetime mortgage. This gave her a drawdown option releasing an initial cash lump sum and access to pre-approved further borrowing facility, should she need it in the future.

There was no need to make monthly repayments. The mortgage and accrued interest will be paid back when the home is sold.

Unlike other providers, our advice is completely free, and there are no hidden fees. Our advice is always unbiased, as our advisors don’t work to sales targets, receive bonuses or commissions.

Why Katherine recommends us

Katherine no longer needs to worry about her home now all the work has been completed. She can focus on enjoying her retirement and spending time with her children and grandchildren.

“When someone is caring it makes such a big difference. That bit of caring is worth so much, and Richard provided it.”

Why you should choose us

  •  Free advice service: We do not charge you for advice. There are no hidden charges

  •  Unbiased: Our advisors are paid a salary. There are no sales targets, bonuses, or commissions. The advice you receive is always in your best interests

  • Trustworthy: Our Financial Solutions clients gave us a 4.9 out of 5-star average review on Feefo in 2022

  • Award-winning: We have won many awards for our service over the years

Katherine, Maidenhead

“I felt very confident because they [Which?] recommended it, and I felt very confident when I spoke to Richard, he was very friendly, and explained everything.”

Releasing the equity in her home changed Katherine’s life and her family’s

Katherine reinvested most of the money secured through equity release into her home while keeping 100% ownership.

She was finally able to have a new kitchen fitted, which has always been an important part of her family home, as well as a much-needed new boiler and windows.

She was also able to support her daughter with her university fees, and gift her grandchildren.

“It’s an investment in the house as well which was well worth it because I got a new kitchen. I had to get a new boiler.”

“And, I was able to give my daughter some money, and my grandchildren so I was very pleased with it.”

Is a lifetime mortgage right for me?

Talk to the experts today. Book a no-obligation consultation using our online contact form.

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 51767