Real Stories

Equity release can be used to fund anything from home improvements to providing financial help to friends or family or even taking a dream holiday. Whatever you need the cash for, even if it’s just to make day to day living more comfortable, the aim with equity release is to improve your lifestyle whilst maintaining the stability of living in your own home for life and giving you the peace of mind that you will never owe more than the value of your home.

Bower Retirement Services has helped numerous people to do just this and here are a few examples of how we have done it.

How could equity release benefit you? To find out, contact us today. Your call will be treated in the strictest of confidence; there is no obligation and no pressure selling.

Improved lifestyle & contingency fund

test1_largeA retired couple in their seventies, married with no children and in receipt of state and private pensions, wanted to finance their holidays and hobbies and to have an emergency savings fund in reserve to tide them over should they need it.

How we helped 

  • Provided independent financial advice
  • Researched the whole of the equity release market
  • Selected a flexible drawdown Lifetime Mortgage from a Safe Home Income Plans (SHIP) registered provider
  • Released an initial, tax-free sum of £15,000
  • Arranged for the drawdown of tax-free sums of £2,000+ if and when needed, without any charges

The Benefits

This customer now enjoys: 

  • Emergency savings equivalent to six months+ expenditure
  • Regular holidays and weekend breaks
  • Comfortably financed hobbies
  • Financial security in retirement
  • No drawdown charges resulting in savings should they wish to access their savings fund
  • Competitive terms
  • A fixed interest rate

Very helpful in explaining all our options and the costs involved and kept us fully up to date with the progress of our application.

Mr & Mrs Pascall; Romford, Essex

Our comment:

A flexible drawdown Lifetime Mortgage allows you to withdraw cash sums whenever you choose up to a specified number of years or until the reserve has been used up. They can keep you within the limits for means tested benefits and you only pay interest on the money taken. That interest will be at a fixed rate.