What Are the Alternatives?
If you’re looking to boost your income or manage retirement expenses, it’s wise to explore every possibility before borrowing. Here are a few to consider:
1. Check You’re Getting All Your State Benefits
Many people are entitled to more than they realise. You may qualify for:
- Pension Credit
- Pension Savings Credit
- Council Tax Reduction
As part of your advice process, Andy Wilson will carry out a full benefits check for you - just to make sure you’re not missing out on anything that’s rightfully yours.
2. Look Into Home Improvement Grants
Thinking about repairs or upgrades — like new heating or accessibility adaptations? Your local council may have grants or low-cost assistance schemes.
These can help you stay comfortable at home without needing to borrow at all.
3. Make the Most of Your Savings
It’s natural to want to keep money aside ‘for a rainy day’. But sometimes that rainy day is today!
If your savings are earning little interest, it may make sense to use some of that cash instead of borrowing at a higher rate. A gentle review of your finances can often make things clearer - and kinder to your budget.
4. Talk to Family
Many people feel hesitant to discuss money with family, and understandably so. Your life and struggles are private, so why should they know? But you might be surprised how supportive loved ones can be once they understand your situation.
Sometimes, the fear of future loss inspires family to step in today!
5. Should You Downsize?
Selling your current home and moving somewhere smaller can be a smart way to free up money. But it’s not always the right fit for everyone.
You might be very happy to live in your ‘forever home’. You might value your garden, your community, or the comfort of familiar surroundings. And that’s worth a lot.
Many of Andy’s clients once imagined they’d move to a bungalow - but later realised they were happy, healthy, and perfectly content right where they were. If that’s you, equity release might help you stay put comfortably.
Bear in mind however that if you do decide to downsize, a lifetime mortgage can be arranged on your new home. This could possibly allow you to buy something bigger, better or in a more desirable area.
6. Only Borrow What You Need
If you do consider equity release later, remember: you don’t have to take everything at once.
Many lifetime mortgages allow ‘drawdowns’ – pre-agreed top-ups you can access later in chunks, just when you need them. It might be for a car, a holiday, a home repair or improvement, or just adding to savings to spend.
That way, you only pay interest on what you actually use. Any debt increase can be slowed down.
