“Equity release allowed us to stay in our home and pay off our existing debts”
Mrs Fitzgerald, a nurse, and her husband, Paul, a self-employed carpenter bought their London home 22 years ago for £76,000. It has been their biggest investment, increasing in value by £349,000 since. Having taken out an interest-only mortgage, they thought they would be able to pay it off. In addition, the couple had also amassed £25,000 of credit card debt. “It was getting nearer to the end of our mortgage term and I was worrying about how we were going to pay off the £75,000 left as well as the credit card debt. We put our house on the market, but we couldn’t find anything we liked. We liked our house and the local area. This is why we looked into equity release. It allowed us to stay in our home and pay off our existing debts. We were visited by a Key adviser who gave us all the information we needed. We discussed our options and agreed on a plan suitable for us. Within five weeks it was complete.* For us, equity release was the answer.”
*Typical time to completion 8–12 weeks
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