Desperate couples told to remortgage to fund their IVF baby dream
COUPLES desperate for a child are being encouraged to remortgage their homes to pay for IVF.
A financial firm is now specifically targeting those having trouble conceiving – sparking fears that homeowners chasing the dream of becoming parents could fall into debt, or lose their properties altogether.
While couples seeking to fund IVF have always been able to remortgage privately, TaylorMade Finance in Manchester is believed to be the first firm in the country to openly target such customers.
Experts say the market has opened up because the NHS does not routinely offer three free IVF cycles to infertile women under 40, as recommended by health watchdog NICE.
A cycle of IVF costs up to £5,000 on average, rising to more than £8,000 with addons offered by clinics who claim they improve the odds of conceiving.
Many couples go through multiple cycles before they have a baby, meaning some spend more than £50,000.
TaylorMade’s website, which has a section devoted to remortgaging for IVF, states: ‘From working several jobs at once and reducing expenses to setting up a crowdfunding page and borrowing money from relatives, many couples have gone to great lengths to save for IVF.
‘In some cases, people travel abroad for alternative fertility treatments because a tight budget rules them out from procedures in the UK.
‘However, there is another option that’s growing in popularity. Some couples choose to remortgage their homes to free up equity that can then be spent on IVF. Here at TaylorMade Finance we can help you remortgage your property and access the funds you need to invest in costly fertility treatments’.
The brokering firm points couples towards two options. The first is taking out a larger mortgage, which means more interest owed on a larger loan. It says its brokers help homeowners find the best deals so they do not take on ‘more debt than is absolutely necessary’.
The second option is remortgaging to reduce household expenses – usually by taking out a mortgage which lasts for more time, or finding a deal with a better interest rate.
Dr Raj Mathur, secretary of the British Fertility Society, said: ‘It is hugely concerning to see that a financial services company is seeking to engage those who are desperate to start a family, and steer them into debt. People are being driven towards such schemes by the lack of NHS funding for fertility treatment.’
Aileen Feeney, chief executive of the patients’ charity Fertility Network, added: ‘We see firsthand the heartache behind the lack of funding ... we’re concerned that specific remortgage packages may encourage already desperate people to go into debt and put them at risk of losing their homes.’
Fertility clinics have already been criticised for referring couples to firms offering high-interest loans to fund treatment. Couples face a postcode lottery on the NHS with some areas offering no IVF cycles at all – leaving patients with no choice but private fertility treatments.
A spokesman for the Financial Conduct Authority said their rules require mortgage advisers to give advice in the customer’s best interest. TaylorMade Finance declined to comment.
‘Increasing the emotional burden’