Some people are surprised to learn that you can use equity release to purchase a new property.
One of our clients recently did just that and they were delighted with the results. They have shared their experience with us in case it is helpful for others considering equity release.
Mr and Mrs T: For us the Retirement of our Dreams was to Live Close to Our Children and Grandchildren
For some years following our retirement we talked about relocating to live closer to our children and grandchildren. It was a big decision. We would be leaving our much loved, spacious family home in a beautiful area of the country in the north to purchase a smaller home in a more expensive commuter belt close to London. Although relocating would almost certainly mean downsizing, it was also going to involve a mortgage on a more expensive house. After many years of hard work to pay off our mortgage, it did feel strange to consider borrowing again. We also wanted to make sure we could leave an inheritance for our children.
We decided to investigate equity release and met with an adviser from Access Equity Release. It was really reassuring to meet with someone who could answer all of our questions without any pressure. Our adviser was very professional, very well informed and always available to us when we had a query.
We were soon satisfied that equity release was a really good fit for us. From that point things moved very quickly indeed. Our house was in a sought after area and sold quickly. We also found a house that we loved close to our family and put in an offer. We couldn’t afford any delays in the process if our new purchase was to go through. Our adviser went above and beyond to make this happen.
He also arranged for us to meet with a Will and Estate Planner who helped us to plan ahead for our children. We put in place Trusts and our Lasting Power of Attorney documents in case of dementia.
Now we are happily settled in our new home, within walking distance of our grandchildren. It is the best decision we could have made for our retirement years. We are both so glad we decided to act after years of indecision.
To anyone who is curious about whether or not equity release is right for them, I would say you have nothing to lose in speaking to an expert.
Access Equity Release is a trading name of Your Mortgage Decisions LTD which is authorised and regulated by the Financial Conduct Authority, FRN 459763
Read more about equity release to assist loved ones.