I paid off my existing mortgage and regained my freedom

Catherine Brown has always bought homes that she could add a bit of value to, and the year she retired from her career as an occupational health nurse, she went all out.

‘I rewired the entire house, got new plumbing and windows and am now giving the whole place a makeover,’ she says. ‘I’m stILL IN tHE MIDDLE OF CHOOsING tHE fiNIsHING touches, but this is the fun part.’

Catherine, 60, from West Sussex, retired last year, in part to care for her elderly parents full time. But giving up the day job has also given her the time to carry out these longed-for home improvements.

Making her home more comfortable – and adding a bit of value to it at the same time – was important to her: she still has one of her four children living with her, but also because last year Catherine divorced her husband. She paid for the

works and raised some extra money to help settle her divorce using equity release, turning to Key for advice.

‘I have nothing but praise for my adviser,’ she says.

‘I was so anxious to get the divorce done and out of the way, and they were with me every step of the way. My adviser was always ready at the other end of the telephone to help.’

Catherine opted to take a lifetime mortgage of £80,000 secured against her £375,000 home. ‘It’s arranged on a drawdown basis,’ she explains, ‘so after I had repaid my existing mortgage and settled the divorce, I had extra available, which I’ve spent on doing up my home. I’ve always done that – making properties nice and adding a bit of value to them. I am also planning a holiday to Canada.’

She says that going ahead with equity release has provided ‘huge relief’.

‘The stress of thinking I might have to sell my house to settle the divorce was traumatic and had a big impact on all of us, particularly my daughter who still lives with me.

‘Being able to access some of the money in my property offered me hope and the chance to stay in my home at a time when being forced to sell up and move would have been a terrible upheaval. I feel lucky that my home is now secure and things are straightened out financially.’

Equity release allows homeowners aged 55 and over to unlock some of the value in their home.

A lifetime mortgage is a loan that is secured against their property. It’s tax free and customers can choose a plan with the option to pay interest each month, or roll it up into the loan.

‘It’s been so much more flexible than I had imagined,’ says Catherine. ‘I have a home that I want to be in and I know that in the future I still have options.’

If you think that a tax-free lump sum from equity release could help you, request your free guide on 0800 408 7226 to find out more.