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How one couple coped when their mortgage ended

Find out how we helped.

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Equity release is available throughout the UK. This service is provided by StepChange Financial Solutions, part of StepChange Debt Charity. We are not a lender. We find products that suit your needs.

Jim and Barbara's story

This case study is a real account of how we were able to help these clients. Their name have been changed to protect their identity.

To find out what solution is suitable for you, arrange a free consultation with one of our specialist advisors.

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Talk to our experts for free equity release advice on 0808 2716 211. Or ask for a call back at a time that suits you.

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Jim and Barbara are a retired couple aged 66 and 65. They had always planned to use their pension lump sum to repay the final mortgage balance.

When the lump sum became available they decided to use it to clear their business debt so they could retire. When the mortgage ended a few years later they had an outstanding balance and no way to repay it.

Only option to sell?

Jim and Barbara thought they had a home for life. But with no way to repay their mortgage they believed their only option was to sell their house.

Their mortgage provider recommended they contact us. This was so they could look at all their options before committing to the sale of their family home.

Tim's advice

They went through a full assessment with Tim, our mortgage advisor. They found that they could save their property with a residential mortgage or an equity release plan.

Tim also suggested Jim and Barbara used some of their savings to lower the amount they needed to borrow. Which meant either option would cost them less in the long run.

The solution

They looked at both options carefully and decided to re-mortgage to another residential mortgage with a building society.

Their equity release options were dismissed as they wanted a repayment mortgage. This was so they could clear the mortgage as quickly as possible.

Our advisor recommended a 5 year fixed rate mortgage on a term of 8 years. So they had the certainty their payments would not increase if interest rates rose. They also agreed an overpayment plan with the building society, to make sure the mortgage balance would be repaid within 5 years.

Tim’s advice meant that Jim and Barbara had the security of a fixed rate and a plan in place to be mortgage-free by their 75th birthday.

If your situation is similar to Jim and Barbara's then you can contact our team to get free and impartial advice.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Ready to find out more?

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

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