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Use Equity Release to Clear Debts

Miss Molly Knight was looking forward to a financially problem-free life when she retired from the NHS, but found that her pre-existing debts were proving to be an obstacle.

Her interest only mortgage was a drain on her pension, and she had to take out a personal loan to cover some unforeseen expenses, which left the retiree struggling to make ends meet.


Miss Knight turned to equity release to see if releasing cash from her home could help her out of the situation, and provide a lifestyle closer to that which she had hoped for when she retired.


After getting advice  and deciding that equity release was suitable for her requirements and circumstances, Miss Knight took out a partial home reversion scheme, whereby just some of the value of her home was unlocked. This was sufficient to clear her debts and even meant there was enough left over to redecorate her home, go on holiday, and keep some money aside for emergencies.


Miss Knight said:

"I am very grateful for the advice I received. Since then, not only have I been coping very adequately but I am now actually saving money regularly - and still going on exotic holidays! I have just paid for a Caribbean Cruise with a friend, something I have always wanted to do!"

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.