Example Case Study
Equity Release
Our clients, a retired married couple with three non dependant children, approached ECS for help with raising capital. They did not have any outstanding mortgage on their property, valued at £250,000 and they wished to raise £50,000 for a number of reasons:-
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home improvements, so that they would not have to consider moving house.
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to repay outstanding debt, so their disposable monthly income increases.
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to purchase a new car, which was essential for their mobility.
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to benefit their children financially, immediately.
The couple did not want to have to make any immediate monthly repayments for this lump sum, and liked the idea of a fixed rate for the whole term of the mortgage as they were concerned about future interest rate movements.
ECS arranged a Lifetime Mortgage on a fixed rate basis for this couple to meet all their requirements. We received very positive comments on our customer survey about our service and the client also came in personally to thank our adviser and stated they were initially unsure and had concerns about taking out this type of product, but that our adviser explained this so well in a way they could understand and they were made to feel totally comfortable about the product.
ECS believe that it is vital that clients have a thorough understanding of equity release products before embarking on this type of contract and meetings with clients often involve other members of their immediate family so that they have every opportunity to ask questions. Our service includes liaising with clients and lender through to completion and we will also recommend a specialist firm of solicitors where clients do not already have their own.