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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 and access to a flexible borrowing reserve to complete much-needed work on her home when her savings and pension wouldn’t cover the cost, and she kept 100% ownership.

Thanks to our expert equity release advice, she was able to replace her boiler, windows, renovate her kitchen and help 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, including a new kitchen, windows and a boiler.

However, because of her working life, she didn’t have a lot of savings, and her only income was her pension. Katherine realised she’d need to find a solution to her problem, and 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 Financial Solutions.”

Expert advice from StepChange Financial Solutions

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 which 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 and 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 StepChange Financial Solutions

Katherine no longer needs to worry about her home now all the work’s 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: We don't charge you for our advice. There aren't any hidden fees

  •  Unbiased: Our advisors don't work to sales targets, bonuses or commissions


  • Specialist: We offer advice to all, from managing debts to those looking to retire


  • Trustworthy: Last year 98% of our clients said they would recommend us to family or friends

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 the majority 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.”

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018