Almost a third of our customers use their equity release to financially support family and friends. It’s no surprise. When those who mean a lot to you need your help, it’s only natural to want to try and do something.
It could be helping your grown-up child get onto the property ladder by contributing towards their deposit. Making a family member’s wedding day dreams a reality by covering some or all of the costs. Putting towards university or school fees. Or even just wanting to give someone important to you a financial boost.
Whatever it is, if you feel as though you can make a difference, you most likely will. But not everyone is in that position.
You may have made provisions that mean you can provide financial help should someone important to you need it. It could be through savings, investing in property, or one of the many other ways.
But life isn’t always as cut and dried as we’d like it to be. Things change, priorities switch and maybe you’ve never been in a situation where planning for the future was possible. That doesn’t mean you can’t change that now, though.
Phillip and Ley’s story
“We saw equity release as a perfect opportunity to help out our son. He got married to Rachel in Italy last year, and some of it went towards that. They were going to go out there on EasyJet, but we weren’t having that.
“We paid for them to fly out first class on British Airways. That made sure there was enough space for the wedding dress! On top of that, we also made sure they had a nice hotel.”
But Phillip and Ley’s generosity hasn’t stopped there.
“They’ve bought their own property, so we’ve helped them along the way with it. We bought them a really nice new composite door and paid for new windows. And for our wedding gift to them, we were able to give them £5,000 towards a new bathroom.
“They’re okay for money. He’s a police officer and she’s a fashion designer. But it’s nice to treat them.”
Things to consider
Our specialist equity release advisers search our entire product range to find the right equity release plan for you. They’ll explain:
- You have to get advice before releasing equity - please read all our information and make sure it's right for you
- The plans we recommend have a no negative equity guarantee, so you’ll never owe more than your home’s value
- Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for
- A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home
- You should always think carefully before securing a loan against your home