What can I do with the money?
CASE STUDY
Mr and Mrs Edington, from Tynemouth, have arranged a £44,000 lifetime mortgage on their home through the Newcastle Equity Release Service.
The couple opted to release £16,000 now, with the facility to draw down a further £27,000 as and when needed.
Marion Edington said:
"My husband, Stan, is a painter and decorator but has recently had a hip replacement and can't do the same level of work he used to. He wants to retire but he is just 61 and won't get his full pension for four years."
"We weren't sure about equity release, but wanted to find out if it could help us. Bob Pearson, from the Newcastle Equity Release Service, was extremely helpful. He didn't try and talk us into anything we didn't want, but found out what we needed and came up with exactly what we were looking for. Releasing funds now so that Stan can retire early is a real lifeline for us."
The £16,000 will be used by the Edingtons to pay a car loan and for home improvements, while the remainder can be drawn down if required.
Marion added: "The draw down facility is particularly useful as it means we can access the extra amount if we want, but if we don't need it we won't have to pay any interest on it."
The money that you will receive through an equity release product is free to spend however you wish!
Some of the most popular ways that our customers have spent the money that they have released from their property have included:
CASE STUDYMr and Mrs Edington, from Tynemouth, have arranged a £44,000 lifetime mortgage on their home through the Newcastle Equity Release Service.
The couple opted to release £16,000 now, with the facility to draw down a further £27,000 as and when needed.
Marion Edington said:
"My husband, Stan, is a painter and decorator but has recently had a hip replacement and can't do the same level of work he used to. He wants to retire but he is just 61 and won't get his full pension for four years."
"We weren't sure about equity release, but wanted to find out if it could help us. Bob Pearson, from the Newcastle Equity Release Service, was extremely helpful. He didn't try and talk us into anything we didn't want, but found out what we needed and came up with exactly what we were looking for. Releasing funds now so that Stan can retire early is a real lifeline for us."
The £16,000 will be used by the Edingtons to pay a car loan and for home improvements, while the remainder can be drawn down if required.
Marion added: "The draw down facility is particularly useful as it means we can access the extra amount if we want, but if we don't need it we won't have to pay any interest on it."
Some of the most popular ways that our customers have spent the money that they have released from their property have included:
- Buying a new car or caravan
- Making home improvements
- Taking that holiday of a lifetime
- Treating family and friends
- Improving current lifestyle
- Debt Consolidation