Equity release has taken a huge weight off our shoulders

Repaying our existing mortgage means we can enjoy our retirement burden-free

Like thousands of others, Felicity Johnston and her husband Chris took out an interest-only mortgage in the 1980s. Then, a couple of years ago, with the end of their mortgage term rapidly approaching, they needed to find a way to repay the loan.

‘After my husband was made redundant 15 years ago, we couldn’t keep up with the repayments, turning to our savings to supplement the shortfall. It left us in a lot of debt,’ explains Felicity. ‘We have a large family who live with us, so downsizing wasn’t an option we wanted to consider.

‘I started to enquire about equity release, and found Key to be the most helpful. So we booked an appointment.’

The Johnstons’ local adviser visited the couple in their home in Hertfordshire to chat through the various options. ‘He was very helpful,’ says Felicity. ‘He advised us to wait until I had my next birthday, explaining that this would allow us to borrow the amount we needed to cover the repayment of our existing mortgage. He was so efficient and really took care of us throughout the whole process.’

Key instructed a surveyor to value the couple’s home. Felicity explained that they had bought their property 35 years before, and in the intervening years its value had risen significantly.

The couple decided to take out a lifetime mortgage and used some of the cash released to pay off their outstanding mortgage, while the rest went towards a new bathroom.

‘Paying off our mortgage means we can enjoy our retirement without that burden. I would definitely recommend Key – there was no pressure, and it worked out very well for us. It’s taken a huge weight off our shoulders.’