“We had paid off our original mortgage before moving into our present home and had no intention of obtaining another. However, the house we bought needed extensive renovations at significant cost.

“We were initially wary of equity release and consulted with a number of advisers before deciding to proceed. There was an extensive and thorough interview with our chosen firm, which required various evidence that we understood what we were undertaking. We were also interviewed by our solicitor who checked our competence and understanding of the product.

“We were very specific that we wanted to pay the interest monthly so that only the original sum borrowed would be left to pay when the house was sold at some time in the future. We have set up the monthly mortgage payments and are very happy with our dealings with all concerned. The equity release plan is quite a different product from our original impression.”

This case study was supplied by Birketts which provided the legal advice to Ann and Robin. The picture was posed by models.

It was first published in the Council’s Anniversary Report in January 2022. To read the report please click here.