Finding the ideal retirement property at the right price can be difficult — especially if you want to stay in a particular area. For Tony and Adam, an equity release lifetime mortgage provided the extra funds needed to secure their perfect bungalow.

Meet The Clients 👬

Tony (age 72) & Adam (age 68) have been clients of Aspect Mortgages since 2005. They had paid off their traditional mortgage in 2018 and owned their £180,000 home outright.

The Challenge They Faced 🏡

Tony and Adam loved their terraced house, but steep stairs and ongoing maintenance were becoming an issue. They decided it was time to downsize to a more manageable bungalow.

The challenge? Suitable bungalows in their chosen area were outside their budget. While they had comfortable pension incomes, their savings alone weren’t enough. Preserving equity in their new home was also important, as they wanted to leave an inheritance for family.

How We Helped 💡

Because Tony and Adam were long-standing clients, they contacted us before they started house-hunting. We reviewed their circumstances, discussed their priorities, and researched the best options.

We recommended a lifetime mortgage with the option to service monthly interest payments from their pensions. By choosing to pay the interest, the lender offered them a lower rate. Importantly, they can stop making payments at any time if circumstances change — at which point the interest will roll up instead.

This gave them a clear budget for a new home, covering both the purchase price and moving costs.

The Outcome 📝

With funding secured, Tony and Adam were able to buy a low-maintenance bungalow in their preferred area.

Because they are currently paying the interest, the mortgage balance will not increase — protecting the equity in their home for future inheritance. The property remains 100% in their names, and under Equity Release Council safeguards, they can live there for life or until moving into long-term care.

The plan also gives them flexibility: if they ever decide to move again, they can transfer the loan to another suitable property.

Why Advice Matters 🤝

Without a lifetime mortgage, Tony and Adam would have had to remain in an unsuitable house or compromise on their next home.

By recommending an interest-serviced lifetime mortgage, we secured a lower interest rate, ensured their monthly budget was manageable, and helped them preserve their home’s value for the future.

As with all our clients, the Aspect team will continue to support Tony and Adam throughout the lifetime of their mortgage.

Thinking About Your Own Options?

If you’d like to explore whether a lifetime mortgage could help you move or retire comfortably, call the Aspect Mortgages team on 01257 812345 today.

All our case studies are example of clients that we have helped at Aspect Mortgages but some details (names etc) have been changed to maintain privacy.

There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £1495 for an equity release/retirement mortgage.

Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.

Aspect Mortgages Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/s/) under reference 305352.

Registered in England and Wales No: 051013801. 16 St Thomas' Road, Chorley, PR7 1HR.