Keeping the family together

How releasing £60,000 from our home enabled us to help our daughter

Rising house prices in Ramsgate, Kent left Mark and Julie Plumber worrying that their daughter and grandchildren would have to move miles away if they were EvEr GoInG to AfforD A HomE oF their own.

It prompted the Plumbers to think about wHEtHEr tHEy CoulD HElp HEr tAkE tHAt first step on to the property ladder. Several years ago they looked into equity release, and after speaking to an adviser at Key, released enough equity from their home to give their daughter the money she needed to buy a house just around the corner.

Now Mark and Julie help with the childcare, their daughter has her own home, and they all agree that none of this would have been possible without equity release through Key.

‘We had heard of equity release, so we had

an idea of how it worked,’ says Mark, 69.

‘Then we saw a TV advert for Key, and in the same week a friend started talking about the plan he had taken out. That persuaded us to get some information ourselves.’

Julie, 66, says the timing was perfect. ‘Someone was renovating a house right by us, and we knew it would be perfect for our daughter and grandchildren. We asked if it would be for sale when it was finished, but the asking price was about £50,000 more than our daughter could afford.’

A lifetime mortgage plan recommended by Key helped Mark and Julie raise that vital £50,000. They actually released £60,000 from the value of their home, using the remaining £10,000 for projects of their own, including a new bathroom.

The couple don’t have to make any monthly payments as they took out a lifetime mortgage, the most common form of equity release. This is a loan secured on your home – much like a traditional mortgage – but typically you don’t have to make monthly repayments, as the loan plus roll-up interest is repaid when the plan comes to an end. The money you release is tax-free and yours to enjoy.

If you speak to a specialist Key adviser, they will do everything they can to make the application process as simple as possible – as the Plumbers discovered when they took out their plan.

‘The whole experience of speaking to Key and taking out the plan was wonderful,’ says Julie.

‘After our initial enquiry, a representative came to talk to us at home, which was far nicer than us going to some big office somewhere. They were really friendly and explained it in plain English, not financial jargon. All the information was clear and concise. They explained what and how it would all happen.’

A few years down the line the family are enjoying life.

‘Our neighbours are fascinated, and ask us how we’ve been able to do what we’ve done,’ says Julie. ‘We recommended Key to one of them just a few months ago.’ To find out how much cash you could release, use the free online calculator at keyadvice.co.uk/dailymail