Buyer free's financial worries with equity release allowing for a downsizing miracle

To free up mortgage payments, Sharon was able to use ‘Long Life Equity Release’ with the Money Helper website which allowed her to downsize and become a cash buyer. In doing this, Sharon was able sell her original three-bedroom home in the Hertfordshire town of Hemel Hempstead at £360,000 to buy her new home for £248,500. This has meant that Sharon has now only had to take out a small mortgage on her home of £67,000.

Sharon says: “Being that I live alone, I thought that it was about time that I started to think logically about my finances. I used to commute to Central London but found this rigorous and found it affected my quality of life. At this moment, I realised I needed a new job and a simpler life to settle down into my 60’s. Previously, I was struggling to keep up with my mortgage payments in my previous property and for ease, I realised that taking out a Long Life Equity release was easier than I thought. When I found out that I could release the extra £67,000 short fall. I realised that I had the freedom to pay when I wished, knowing I was secure in my home without the pressure.”

Sharon opted to move to the Kingsbrook development located just outside of Aylesbury, in Buckinghamshire. The development, in partnership with the RSPB, has 250 acres of wildlife rich space, a number of bat and bird boxes, and resident allotments. Community infrastructure such as schools, shops and walkways means residents do not need to travel for all the amenities they need.

Sharon, who is a Gas Service Administrator adds: “When I decided to move, I knew I needed to find somewhere a little further out into the Home Counties to be realistic on what I could afford. I initially looked at some homes in Leighton Buzzard, but when I viewed Kingsbrook, I instantly knew it was the place for me. It is a futureproof place to live and I know I have made the correct decision downsizing here. The nature at the development is super impressive, and I have honestly never been anywhere with so many dog walkers! All of these aspects add to my quality of life and wellbeing.

“Another added benefit is the savings I am set to make with my energy bills. My apartment is rated an energy efficiency ‘A’ which has made a huge difference. My gas and electric bill previously was around £90 per month and is now set to be around £50. In this cost-of-living crisis every penny saved helps!” concludes Sharon.

Marc Woolfe, Director of Sales and Marketing for Barratt North Thames, comments: “Aylesbury is becoming an increasingly popular place to move to with a 5% increase of house prices up since 2018. At our Kingsbrook specifically, we have a lot of different buyers, ranging from first time buyers, second steppers and a large portion are downsizers. A lot of interest in our Kingsbrook development is not only for the homes, but also for the lifestyle in which follows them which is the case for buyers like Sharon.

“At a pricing crunch time such as now, it is important that people make the right decisions which will financially allow them to be free of worries and in a position in which works for them. Sharon has proven that it is possible to take the financial worries and turn it into a lifelong success. This decision has put her in a position of being financially free with lower bills and a more convenient home as well as able to live in an area in which the commute is still accessible and everyday activities are achievable.”