Helping The Family

Mr and Mrs Turner, aged 65 and 69 respectively, live in a 4-bedroom detached property in the West Midlands. Their property is worth £250,000, with a small mortgage outstanding.

Rather than enjoying a relaxed retirement, the couple are concerned about the financial strain on their pensions. They are looking for a way to clear their mortgage and free up more of their monthly income. Mr and Mrs Turner would also like to find some additional funds to help their family, as they have a daughter who is struggling to get onto the property ladder, due to the lack of a deposit. They decide to look into equity release.

Mr Turner has been a smoker for 20 years. With a more 2 life “enhanced plus” lifetime mortgage plan, the couple can actually release more money from their home. Since their health and lifestyle are taken into account.

The couple find out that they could release a maximum of £82,500. This is more than enough to settle their current mortgage and contribute to their daughter’s deposit for her new home.

* This is not an actual case and is for illustrative purposes only.