W. Ramsay

When an article in a national newspaper regarding equity release caught the eye of Edinburgh pensioner Mr W.Ramsay (70) he decided to take action.

He contacted KRS (Key Retirement Solutuions) who referred him to Central Scotland law firm Caesar & Howie to find out more about equity release.

“My mortgage is paid off and I am living on a fixed income so I thought about using the equity built up in the property to improve my standard of living,” said Mr Ramsay.

“The service from Caesar and Howie’s Senior Issues team was excellent.  It was a straightforward process and everything was explained, I was kept informed of progress every step of the way.”

Mr Ramsay is using the £22,000 released to pay off some existing loans, have new windows installed as well as putting some money by for a rainy day.

When Mr and Mrs Forsyth read about equity release in the press they contacted two companies to find out more.  However, they found themselves being subjected to a high pressure sales approach.

They then contacted equity release specialists Age Partnership who searched the market for the most appropriate product and, once it had been found, referred them to The Caesar & Howie Group, who advised the couple on the legal aspects of what they were doing.

“Caesar & Howie were straightforward and easy to deal with from beginning to end,” said George Forsyth.  “Everything was explained to us clearly and there was no hidden agenda or small print to worry about.  Also my son works in finance so he helped us double-check the details but everything was fine.”

He added: “We used the £21,000 released to pay off our mortgage and some loans and we still had some money left over to change our car and put some money into savings.”

Mrs Grant, a widow, has recently completed an equity release on her house in the Alloa area using central Scotland solicitors Caesar & Howie.

“I have no immediate family and the house was paid off so I thought it would be a good idea to have some money behind me as a cushion,” said Mrs Grant.  “I have released around £25,000.  I will probably treat myself to a newer car but the rest will be used to secure my future.”

She added: “I was a bit wary of equity release at the beginning as I had read many negative things in the press.  However, I have dealt with one of the Caesar & Howie partners for a number of years.  He explained the options clearly and the whole process has been very straightforward.  It has certainly removed any initial fears I had about equity release.”

Four-page section opens with David Borrowman, managing partner of solicitors Caesar and Howie, and Dean Mirfin, business development director at Key Retirement Solutions, explaining the increased role that equity release is likely to take in future as people's main retirement planning falls short of the target.

Most UK residents reaching retirement in the 21st Century would seem to be facing a bright future - a longer and more active life brought about by decades of medical advances and increased property wealth as a result of increased homeownership and big rises in house values since the 1970s.

Increased longevity is great news but the inflation-proofed pension is becoming a thing of the past for most retirees and these extra years may have to be lived on a worryingly low or declining income.

Source: MoneyMarketing