If you’ve been called upon to help your family – from assisting with mortgage payments to helping out with university fees to bridging finance for your child’s business – we’ve got a dual proposition that may be of interest.

free2_blog_back_on_their_feet_narrowHelp your family get back on their feet

In these difficult times, where people are coming off furlough, companies are laying off staff and whole industries are looking precarious, then it can be hard to know what to do for the best. If you’re over 55 with savings and investments, and you’ve saved for your retirement and paid off a mortgage, you may find yourself wanting to help out family members in difficulty; but perhaps you’re not sure how best to go about being the “Bank of mum and dad?”

It’s true that once you’re over 55, the financial services industry changes its suite of options that you can easily access, and in recent months our generation has been turning to equity release and pension transfers to access funds. As with anything, these approaches have their pros and cons, and as a free thinking financial services brand aimed at providing new solutions to the over 55, we have two approaches to help people in our demographic access tax-free lump sums.

Release or keep your equity?

If you want to release your equity, the free2 Equity Release Advice Service will offer you a free initial consultation with an expert adviser who will get to know you, your financial circumstances, your present needs and future ambitions, and then research the whole of the UK Equity Release market to recommend the best solution for you. They charge a flat advice fee, only on completion, so you can change your mind at any time. And if your adviser thinks equity release isn’t right for you, they may recommend other solutions.

If you prefer to keep your equity and like the idea of raising finance at fixed APRs over set terms, then you might want to investigate the Over 55s Unsecured Loan.

Available at amounts from £15,000 – £150,000 over set terms of 5-20 years, the loan is for homeowners with guaranteed pension income aged 55-70. These are amounts that are not normally available to the over 55s. And should the worst happen, the loan will be written off if you pass away, leaving no liability to your estate.

So, if you have family in need of assistance in these difficult times, and if you’re in a position to consider equity release or a personal loan, then why not try out our online calculators to see how much you could borrow?

Visit the Over 55s Unsecured Loan Calculator here

Visit the Equity Release Advice Service Calculator here.


Please note: This blog was believed to be accurate at the time of writing and is intended to provide general information only to the reader – it does not constitute advice of any kind. Before making any decision about your savings, investments and your pension, you should consult an Independent Financial Adviser.

Important Note

Free2 Limited (trading as free2) is an Appointed Representative of RS Consumer Finance Limited (RSCF) which is authorised and regulated by the Financial Conduct Authority (the FCA). free2 is a credit broker, not a lender, and will only offer loans from RSCF – an offer of credit is subject to status and affordability. Example Loan: 60-year-old non-smoker, £30,000 over 10 years with fixed monthly payments of £344.56, interest rate 6.73% and an APR of 6.97%. Terms & Conditions apply.

Customers wishing to use the free2 Equity Release Advice Service, once registered, will be introduced to partners Money and Advice Planning (MAP). The free2 Equity Release Advice Service provides a free initial consultation followed by an advisory meeting, for which a fee of £595 is charged on completion of a successful application.


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