A helping hand onto the housing ladder

Find out how a lifetime mortgage managed to help this family get their son onto the property ladder.

To own a home of your own is a dream for many people across the UK, but it is one that is appearing further away than ever to many of the UK’s would-be first time buyers. A recent survey found that 24% of rental tenants simply could not afford a mortgage in today’s property market1. Many parents would dearly love to help their children make this first big step, but many may be concerned as to how they could afford to make a telling contribution.

This was the dilemma that faced the Connor family in Staffordshire. Their son was desperate to make a move onto the property ladder. He hoped a home of his own would benefit his career and give him the opportunity to start a family, but he simply couldn’t afford the deposit.

“We hated knowing our son was stuck in a rental property with no real prospect of getting into a home of his own in the current market”

As over-55 UK homeowners however, Mr and Mrs Connor realised that there was a way they could help. By releasing a portion of the equity in their property with a Drawdown Lifetime Mortgage, they could provide their son with a tax-free cash lumpsum to contribute towards his deposit, and they would also have future access to their equity as and when they needed it.

“We heard about lifetime mortgages, and how they could be used to help your loved ones, from a colleague. We looked into it, and our advisor found us a plan that met our needs perfectly.”

“We have been able to contribute to our son’s first steps on the property ladder, and we can take comfort in knowing that we have easy access to a significant cash reserve to face any problems in the future – or, if we want, the money to pay for that dream holiday!”

With a lifetime mortgage, the Connors are guaranteed to retain full ownership of their property until they both pass away, or both enter long-term care. By choosing a mortgage provided by an Equity Release Council approved provider, they can also take comfort in knowing that they will never owe more than the value of their home.

“We are also pleased that our drawdown plan allows us to retain some control over our interest – we only pay it on the money we withdraw. This helps us remain in control of our finances.”

With more than 80 bespoke plans available, why not see if your home could be the secret to helping your family achieve its dreams today?

 

Could equity release help you? Call us now and speak to one of our expert team who will give you all the information you need.

0800 652 2955


1 Mortgage Introducer, ‘Few Tenants are looking to buy’, 05/10/2017
A Lifetime Mortgage may reduce the value of your estate and affect your entitlement to means tested state benefits. To understand the features and risks, ask for a personalised illustration. Responsible Equity Release is a trading style of Responsible Life Limited. Only if your case completes will Responsible Life Limited charge an advice fee, currently £1,295.

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    Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205.

    In using this website I give express consent to Responsible Life Limited to call me on the number provided from time to time. Calls may be recorded for training and quality purposes.

    This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a Personalised illustration.

    Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.

    Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.