Customer Story | Nov 2022
Patrick Buckingham, 82, is a retired engineer who worked for Land Rover Group for 45 years. He lives in a spacious five-bedroom house near Warwick, which he bought for £60,000 in 1980. In 2018, his home is worth £500,000.
Patrick always wanted to use the wealth in his home to support his retirement and his family. In 2017, he decided to take out a lifetime mortgage of £100,000 to help his two grandchildren buy their first homes. He also wanted to reduce the inheritance tax that his family would have to pay when he passed away.
Patrick said: “I was very happy with my decision to release some cash from my home. I didn’t need it for myself, as I had enough income to cover my living expenses and holidays. I wanted to help my grandchildren get on the property ladder and give them a financial boost. It was very satisfying to see them settle in their new homes and start their own families.”
Patrick is now enjoying his retirement and his new home. He is planning to go on a world cruise every year and spend time with his family. He said: “I’m very happy with my life and my financial situation. I think equity release is a great idea and it has helped me achieve my goals. It’s a win-win situation for me and my family.”
Patrick released equity with Responsible Life in 2018