Out of the taxman's reach
Derek and Elaine Benson released equity from their home so that they could repay their mortgage and mitigate their inheritance tax liabilities. Mr Benson retired from school teaching 10 years ago and wanted his wife to retire, but they'd taken out a mortgage to extend their home and needed the money for a £300 monthly repayment. Bought in the 1960's for £3,500, they'd added two more bedrooms onto their three bedroomed semi.
"We still had some work to finish on the house and wanted to plan a couple of holidays" says Mr Benson, so the couple decided to contact Key for some specialist independent advice on equity release, and released £100,000 from their £400,000 home. "I retired, we paid off the mortgage and we're now enjoying the money ourselves, rather than leaving it to the taxman" said Mrs Benson.