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How a lifetime mortgage helped Gareth secure his home

A lifetime mortgage gave Gareth a tax-free cash lump sum to pay his mortgage off, after buying out his ex-partner, while keeping 100% ownership of his family home.

Without our expert equity release advice he would have been forced to sell his home. He used the extra money for home improvements and to start a new business.

To understand the features and risks of a lifetime mortgage ask for a personalised illustration.

Why equity release was the right option

When Gareth separated from his partner he was left with a difficult decision. He quickly needed to find the money to buy her share of a buy-to-let property they owned, or he’d face having to sell or downsize the home he shared with his two sons.

However, Gareth found it difficult to get a mortgage from lenders. Each time he applied he’d be turned away, for reasons such as his age or health.

“I couldn’t get a mortgage from anywhere; I thought it would be relatively easy. It was a horrible situation… I was really out my depth and wasn’t sure what to do.”

Expert advice from StepChange Financial Solutions

During a conversation with a mortgage advisor at his local building society, Gareth was referred to StepChange Financial Solutions. He called and spoke to Richard, one of our expert advisors.

How a lifetime mortgage works

After carefully reviewing all of his options, Gareth decided that a lifetime mortgage was the best equity release plan for his situation.

A lifetime mortgage allowed him to release a cash lump sum, without having to make monthly repayments and keeping 100% ownership of his home. The mortgage and accrued interest will be paid back when the home is sold.

Unlike other providers, there were no advice fees to pay and no hidden fees with us. The advice we gave was unbiased, since our advisors don’t work to sales targets, or receive bonuses or commissions.

Releasing the equity in his home has changed Gareth’s life

Gareth used the money secured through equity release to pay off his mortgage and make some improvements to his home. He also decided to start a new catering business, helping him move on from a difficult time and give him some financial security.

“Richard gave me the confidence to go ahead. I knew that my home would be safe for myself and my children.”

Straight away I paid off my mortgage, but there was extra money left over which I decided to take. That was handy because I did need some work doing on the house.”

Why Gareth recommends StepChange Financial Solutions

With his home secure, and the business taking off, Gareth’s life has been transformed. He doesn’t need to worry about the mortgage, and he’s finished the work on his house. His new business means he also has more time to spend with his teenage sons.

Gareth released the equity in his home

“I would definitely recommend StepChange Financial Solutions, I thought they were really good. And I think equity release is a good idea, under the right circumstances.

If you’ve worked hard to get what you’ve got, and have a good asset, there’s nothing wrong with making it work for you.

In my case, equity release was right for me, and without StepChange it wouldn’t have happened.”

Why 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
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Mortgage Solutions Awards

We're proud to be finalists in The Equity Release Awards 2018.

Is a lifetime mortgage right for me?

Call our expert team for a no-obligation consultation on 0808 168 6719 or arrange a call back at a convenient time.

Contact us now

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