Why move – when you can have all this?

By Tony Watts - Editor - 06/08/2008

After living in their dream home for the last 42 years, the last thing that Doug and Pamela Boyes want to do is move. So when they were looking for some additional funds in their retirement years, the opportunity to release some of the equity tied up in their home - and stay where they were - proved to be the solution to all their needs.

“Look out of the window and you can see why we’d never want to move from here,” says Doug. “We’re up high in a beautiful little village on the North Wales coast, and out of one window you can look right up towards Blackpool. Out of another window we can see Snowdonia on a clear day.

“We’ve lived here for almost all our married lives and raised three children here,” says Doug, “and we’ve always been so happy in this bungalow – ever since we bought it for £2,750 in 1966. That doesn’t sound much now, but it did then! It has three bedrooms, a lovely big garden and plenty of off-road parking.

“And, of course, it has the views!”

Doug retired three years ago after a lifetime spent working as an electrician, while Pamela combined working with bringing up the couple’s three children until she too retired. “We thought a year or so ago that it would be nice to have a little extra money available as a buffer without having to dip into our savings,” says Doug. “Some essential work needed doing on the house, and we enjoy taking holidays – especially if we can get a last minute bargain - and visiting our children.

“We looked at downsizing, but that would have been a very expensive way to go about it, with all the costs involved, and we just didn’t want to move. So we asked for information from a number of equity release companies.

“In Retirement Services did a very good job for us. They didn’t pester us at all, and when we started looking seriously at what they had to offer, a very helpful lady came to the house, explained everything and left us to make our minds up. We then talked with the children, who were very supportive.

“We’ve just used a small part of the value of the house, leaving us plenty of options for the future. I have to say that the whole process was remarkably smooth and we’re delighted with the outcome.”

 

For a copy of the free Mature Times Guide to Equity Release, produced in association with In Retirement Services, click onto the link below.