We wanted to help our family today, not leave them waiting for an inheritance

When Felicity Fletcher told her grandparents she’d won a place at university to study drama, they were thrilled. But when they spoke to their daughter, Felicity’s mum, Rachel, about how she planned to pay the fees and discovered she was struggling to raise enough to buy a badly needed new car, they knew that they wanted to help.

Mary and Jon Fletcher, both in their 80s, based in Lancaster and retired, saved long and hard to pay off their home so they could enjoy their retirement mortgage free. But when they realised that their loved ones could do with some support, Jon, a retired engineer, revisited the idea of releasing equity from their home.

‘Equity release is something we had considered for many years,’ Jon says. ‘We felt now was a good time to look into it, just when the money was needed.

‘Our daughter Rachel’s car had just scraped through its MOT, but was threatening to become a money pit, our grandson, Peter, had bought his first home but had nothing left over to furnish it with, and Felicity needed help with university fees.’

Having bought their bungalow more than 40 years beforehand, Jon and Mary were in a good position to consider equity release. Jon did a lot of research and decided to get in touch with Key.

‘We wanted to go to a company that was totally reliable,’ he says.

Key arranged for their adviser, Jeff, to visit the couple at their home, and both Rachel and Peter came along to find out more.

‘I always make sure my clients have given full consideration to other options, such as downsizing, using existing funds and help from family,’ says Jeff.

‘In this case, they were helping their family. That’s often the case these days.’

‘I had a long list of questions I’d prepared; Jeff answered every single one of them and was honest,’ says Jon. ‘It was obvious he had our interests at heart. He wasn’t pushy, he didn’t pressure us and he gave us the pitfalls as well as the upsides. I don’t go into things lightly where money is concerned.’

Jeff talked the family through the costs involved, and explained how the interest accrues over the lifetime of the loan. ‘A lot of people look for reassurance, asking questions like, “Do many people do this now?” he says.

‘I think many grandparents are concerned about leaving an inheritance for their children and are worried that it’s a selfish act.

‘However, I explain how, with some plans, you can guarantee an inheritance. And with the money you release now, you can give a living inheritance and see your family enjoy the money when they need it most, just like Jon and Mary have.’

With the cash raised and money released, the Fletchers have helped daughter Rachel buy a reliable new car, given grandson Peter money to start furnishing his new home and are supporting granddaughter Felicity, an aspiring actor, through university.

Now the family are taken care of, Jon says: ‘From Jeff’s first visit and right through the whole procedure, everything has gone smoothly. We’ve made five people very happy.

‘It’s well worth making that initial enquiry. It won’t cost you a penny and there is certainly no arm-twisting to contend with.’

For more information, call 0808 156 9027, or go to keyadvice.co.uk/dailymail