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How a lifetime mortgage helped Gareth secure his home

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

We help homeowners understand their financial options

We are not a lender. We work on behalf of our clients to search the market for:

  • A range of mortgage and equity release products
  • Products that will best suit your needs

Read our guides about debt and money for homeowners.

Without our expert equity release advice, Gareth 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 would face having to sell or downsize the home he shared with his two sons.

Gareth found it difficult to get a mortgage from lenders. Each time he applied he would 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.”

How to find out if equity release is right for you

We will help you understand your choices. For free advice:

How a lifetime mortgage works

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

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 do not work to sales targets, or receive bonuses or commissions.

Releasing the equity in his home changed Gareth’s life

Gareth used the money secured through equity release to:

  • Pay off his mortgage
  • Make some improvements to his home
  • Start a new catering business

“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 us

Gareth's life has been transformed. His home is secure, and his business took off. He doesn’t need to worry about the mortgage, and he has 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 , 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 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 interest

  • 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

Is a lifetime mortgage right for me?

Call our expert team for a no-obligation consultation on 0808 1686 719 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, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674