Mr and Mrs Turner, both in their late 60s, owned a lovely home in York worth £300,000. They wanted to help their son with a deposit for his first home but were worried about how to manage it on their retirement income. After speaking with MY-Later Life, they decided to unlock £75,000 from their home through a lifetime mortgage. This allowed them to give their son the help he needed while keeping their home, with the added benefit of accessing more funds later if necessary.
Mrs P Reynolds, a widow living in Bath, had trouble with mobility and needed to make some changes to her home, like installing a stairlift and updating her bathroom. Her home was valued at £220,000, and she contacted My Later Life for advice. After careful consideration, she released £35,000 from her home, covering all the necessary renovations and giving her peace of mind that she could stay in her home comfortably.
Mr and Mrs Green, a couple in their early 70s living in Exeter, had always dreamed of travelling but never had the money to do it. Their home was worth £275,000, so they contacted MY-Later Life to explore their options. After discussing their needs, they released £60,000 from their property. This allowed them to go on a Mediterranean cruise and set aside money for future trips. They were thrilled with how easy the process was and felt they could now enjoy their retirement fully.
Mr Coleman, a 65-year-old divorcee from Manchester, had accumulated some debt over the years, including an outstanding mortgage he wanted to clear before retiring. His home was valued at £240,000, and after speaking with MY-Later Life, he chose to release £50,000 from his property. This enabled him to pay off his mortgage and clear other debts, leaving him able to enjoy a more relaxed retirement without the burden of monthly repayments.
Mr and Mrs Hughes, a retired couple from Cardiff, were looking to help their daughter with her wedding expenses and wanted to renovate their kitchen. Their home was valued at £320,000. They contacted My-Later Life for advice and decided to unlock £65,000 through a lifetime mortgage after speaking with Graham. This allowed them to contribute to their daughter's wedding and upgrade their kitchen, making their home more enjoyable for the years to come.
Mrs Martin is a 72-year-old widow from Norwich, and she wanted to give her grandchildren some money for their university education. Her property was valued at £200,000, so she discussed her options with MY-Later Life. Angela decided to release £40,000 from her home, which enabled her to help her grandchildren without worrying about her financial security. She also liked knowing that she had funds available if she needed them later.
Mr and Mrs O'Neill, both 70, from Glasgow, wanted to purchase a new, more reliable car to improve their mobility and visit family more often. Their home was worth £280,000. They spoke with MY-Later Life and were able to release £45,000. This allowed them to buy the car they needed and set aside some money for future healthcare expenses. They felt reassured knowing they had made a sound financial decision with MY-Later Life’s guidance.
Mr Wallace, a 68-year young single retiree from Bristol, had been considering downsizing but was hesitant to leave the home he loved along with all of his local friends. His property was worth £260,000. After discussing his situation with MY-Later Life, he decided to release £55,000, which he used to supplement his pension income. This allowed him to maintain his current lifestyle and enjoy his retirement without the stress of moving.
Mr and Mrs Edwards, a couple in their late 60s living in Liverpool, had a home valued at £290,000. They had always wanted to significantly improve their garden to create a peaceful retreat, but their pensions didn't allow for such a large expenditure. After contacting MY-Later Life, they decided to unlock £50,000 through a lifetime mortgage. This allowed them to completely transform their garden into the tranquil space they had always dreamed of, while also setting aside some funds for future travel plans.
Mrs Sutton, a 70-year-old widow from Brighton, was concerned about the increasing cost of her healthcare needs as she aged. Her home was valued at £310,000, and she approached MY-Later Life to explore her options. After a detailed discussion, she released £65,000 from her home. The funds allowed her to cover her healthcare expenses comfortably. They even set aside some money for future needs, giving her peace of mind and financial security in her retirement.
Mr and Mrs Macleod had recently bought a new home without a mortgage in a small village in Hertfordshire but hadn’t anticipated the costs involved in decorating and refurbishing the property; they wanted extra money for this and to have something for a rainy day because they didn’t have any savings to fall back on. They ideally wanted to raise £20,000 for the home improvements and then have £15,000 for future financial emergencies. They didn’t need the £15,000 right now, and in fact, they might never need it, but they wanted the reassurance of knowing it was available if they fell on difficult times. My Later Life recommended a Drawdown plan because of its flexibility, allowing future withdrawals as and when needed. The plan allowed for flexible repayments; they also had the option to repay some of their borrowings if they ever wanted to. They got their money to carry out the refurbishments and now have peace of mind that should they ever get into a difficult financial position, they will be able to make use of the Drawdown facility.
My-Later life has since spoken with the couple, and they are happy with their home alterations possible from our help.
Jane was finding retirement quite stressful, trying to make ends meet on a limited pension. Whilst she had no debts or borrowings, she really felt as though she wasn’t making the most of life. That’s when she started considering unlocking some of the cash she had tied up in her property rather than struggling through each month. Jane had never married or had children, so she didn’t need to worry about who she was going to pass her estate to. She loves cats and wanted to make some provisions for various charities, but otherwise, she didn’t need to consider anyone else. She thought Equity Release would be a great opportunity to put her money to good use while she was fit and able. She loved holidays and travelling, especially cruises – something she could no longer afford to do. She also wanted to buy a new car as hers was quite old and needed attention. This would mean that Jane could achieve her dreams by releasing funds from her home.
When we first met, Jane indicated that they wanted to release as much as she could from her property. We got her a Drawdown Lifetime Mortgage of £80,000, of which she took £25,000 immediately and then the balance could be taken any time she wanted in future as and when needed.
Mr and Mrs Hamilton, living in a lovely small town in Bedfordshire, had retired for several years but had not managed to pay off their interest-only mortgage, along with some credit cards and a car loan. With a much-reduced income after retirement, they were causing great stress. Their Mortgage Lender was also pressing them to repay the Mortgage, and keeping up repayments was proving difficult. Selling their home and downsizing were options, but they loved where they lived and had family and friends living close by. The stress of moving was also something they didn’t want to have to deal with.
They had £18,000 in loans and credit cards and owed the Mortgage Company £80,000. They wanted to repay these so that their monthly payments would reduce considerably, and they would enjoy more of their retirement income. Their children were all financially independent and fully supported their parents’ decision to take out a Lifetime Mortgage so that they could take the financial pressure off themselves.
Mrs and Mrs S accepted that they would pay more in compound interest on their lifetime mortgage by not making any repayments but were not concerned as there would still be plenty of equity in the property in the coming years to leave something to their Grandchildren.
Mr and Mrs Milne had a very comfortable lifestyle and a good pension, but they also liked to enjoy life! This meant that although they didn’t have any money worries, they didn’t really have funds to do the things they would really like to do , like buying a holiday home. Mr Milne had suffered from ill health and as such, wanted to ensure there was provision for Mrs Milne if anything were to happen to her. He also wanted to gift to his children, so he could see them enjoy the fruits of his labour. Because the property was in Surrey and had increased significantly over the last 35 years, it was valued at £750,000. Due to previous ill health, we were able to increase the maximum Loan to Value and increase the drawdown facility with an Enhanced Lifetime Mortgage. They decided they wanted to raise enough to buy a static mobile home for family holiday use, with a Drawdown facility to help pay the annual site fees. They also wanted to gift £50,000 to each of their children to help them all get on the property ladder. They decided to pay the Interest on the loan as they had a good retirement income, and this meant that should Mrs Milne be left on her own, there would, over time, be enough equity in the house for her to draw down a further advance.
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This information is a guide only and should not be relied on as a recommendation or advice that any particular Equity Release product is suitable for you.
