Ann was introduced to me by a friend from her Church who also happened to be an Accountant introducer to Grosvenor Consultancy Limited.
Ann was a single retired lady in her late sixties and owned her own home, in which she had lived for many years. Her pension income was adequate to cover living costs but did not provide for anything extra and her home was in need of repairs and improvements with an estimated cost of £25,000.
As Ann had no family I suggested that her Accountant friend should attend our first meeting at which I established that Ann loved her home and its location was convenient; she was well known to her neighbours. She had exhausted her savings and there was no family whom she could call on for help. She did not qualify for state benefits and like a lot of people was asset rich but cash poor. We agreed that a house move was unlikely to free up much capital after costs and fees had been paid.
I explained to Ann that I would only recommend an Equity Release product from a provider who was a member of the Equity Release Council. This would ensure that she could remain in her home for as long as she was able, that no monthly repayments would be required and that her home would never fall into a negative equity situation. Any equity remaining in her property at the time of a future sale would be paid to her, or her Estate if on her death.
I recommended a Fixed Rate Roll Up Lifetime Mortgage which, at Ann’s age and the property’s value, provided a cash facility of £88,500. This would enable Ann to immediately draw the amount needed with the remainder providing a reserve.
Ann is now able to fund the repairs as well as some additional improvements which she did not think would be possible and have the security of additional funds she can call upon at any time in the future.
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Tax rules, rates and allowances are all subject to change and are dependant on individual circumstances. The Financial Conduct Authority does not regulate tax advice and some forms of offshore investments. The value of investments and the income from them can fall as well as rise and you may not get back the full amount you invested.
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