‘We would absolutely recommend equity release – we discussed it with our children who were very supportive’

Mr and Mrs Thornton unlocked the cash from their property to help them make home improvements and provide a financial gift to their children

Lesley and Michael Thornton were were browsing online when they first came across equity release. As Mrs Thornton, 75, is disabled, the couple from Stafford were looking to make life a little more comfortable and discovered equity release could help them achieve this.

‘We were slightly worried at first,’ says Mr Thornton, 74, ‘but the more we investigated, the more we felt safe taking out our lifetime mortgage. We had a really helpful chat with an adviser, and they explained everything.

‘There wasn’t any other option for us to raise some funds as we don’t want to move so we didn’t consider downsizing. This option gave us some cash to complete various projects around the home. We installed a new kitchen and upgraded our bathroom with a new electric lift seat, which has helped Lesley massively. Another bonus was that we were also able to gift some funds to our children.

‘We would absolutely recommend equity release. We discussed it with our children and a friend who is an adviser – they were very supportive which made the decision easier. The process is quick, straightforward, and safe, without those monthly repayments.’

Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. It requires repaying any existing mortgage. Initial advice is provided for free and without obligation. Only if you choose to proceed and your case completes would an advice fee of £1,995 be payable. Other lender and solicitor fees may apply.