Equity release customer story – Dealbreaker to fixable hiccup

Whether you’re looking to make some home improvements, want to help your family financially, or feel the sand between your toes on a sunny beach, equity release is an option for homeowners over 55 to access money that’s tied up in their property.

We offer what’s called a lifetime mortgage, it is a long term loan secured on your home. And while releasing equity through a lifetime mortgage offers the benefit of being able to stay in your own home, it's important to understand the downsides as well. You will be able to leave less inheritance and your tax position and eligibility for welfare benefits could be affected. 

If you’re considering equity release, we’ll explain all the pros and cons so you can make a fully informed decision about whether it's right for you, and there are terms and conditions that will apply. 

Josephine and John spoke to us about the barriers they’d hit when they explored their options with another company.

It hadn’t been plain sailing for them, “a failed application for equity release via a different company, where we were turned down because of our house being of non-standard construction,” plunged them into the unknown.

Because of the obstacles they’d faced, Josephine “wasn’t optimistic when I phoned Aviva to see if they could help.” But thankfully, “From the first phone conversation, where I explained about the previous application, things seemed more positive.” 

They were put in touch with Matt, one of our financial advisers with equity release expertise. They explained he “went above and beyond when guiding us through the process.” With each step, the outlook was improving.

Matt was on hand to walk through the pros and cons of taking on a lifetime mortgage. “In the early stages we were surprised at how much more information was required about our motivation for taking out equity release compared to the previous company,” they said.

The focus on choosing the right option for them was refreshing, and they could tell “how important it was to ensure we were clear on the long term implications around equity release”.

Once again, the topic of their home’s non-standard build came up, but this time it was a different conversation. Josephine explained, “At one point it looked as if we would hit the same stumbling block, but during the conversation when Matt advised me of the hiccup, he reassured me that it should be okay”. And when the decision came back from the surveyors they “were delighted when we were notified of the positive outcome.” 

With all the i’s dotted and t’s crossed, John and Josephine were able to put their unlocked cash to work. “We needed to get substantial work carried out on our house, and also wanted to help our daughter get on the property ladder”, said Josephine, carrying on to explain, “In this financial climate it would otherwise have been impossible for her. Both of these will give us peace of mind.”