How Drawdown Equity Release Helped Fund a Dream Boat and Build a Financial Safety Net
Overview
For many, retirement is a time for reflection, but for this 80-year-old retired carpenter, it was the perfect opportunity to revisit old passions and create new memories with his family. His goal was to purchase a small cabin cruiser and relive his love of sailing on rivers and canals, this time with his children and grandchildren along for the adventure.
At the same time, he wanted the reassurance of a financial safety net, as he had noticed that regular monthly outgoings were gradually reducing his savings. He was determined to enjoy his later years fully, without compromising his financial security.
The Challenge
Although the client’s goals were modest in financial terms, he wanted a solution that prioritised advice, understanding, and family involvement. He found Henry Dannell through the Equity Release Council adviser directory and approached us to explore whether drawdown equity release could offer the flexibility and peace of mind he was looking for.
His priorities were:
- To raise enough capital to purchase the cabin cruiser and fund his adventures.
- To establish a drawdown facility for future unexpected expenses, ensuring peace of mind for himself and his family.
Our Solution: Drawdown Equity Release via Lifetime Mortgage
We took a highly personal and collaborative approach from the outset, holding meetings at the client’s home to ensure comfort and transparency throughout the process. Importantly, his daughter was included in every discussion, allowing the family to feel confident and fully informed.
After careful analysis of his needs and circumstances, we recommended the LV= Lifetime Mortgage Drawdown Lifestyle product, a drawdown equity release plan designed to offer flexibility and long-term security.
This solution provided:
- An immediate loan of £20,000 to fund the purchase of the cabin cruiser.
- A drawdown reserve facility of £79,450, ready for future needs.
- A competitive fixed rate
The process, from initial application to receipt of funds, was completed in just five weeks, enabling the client to move ahead with his plans swiftly and without unnecessary stress.
The Outcome
With the funding secured, the client was thrilled to begin searching for his dream boat, excited at the prospect of sharing time on the water with his children and grandchildren.
More than just arranging the finances, this case was about helping the client fulfil a deeply personal goal, recreating joyful experiences from his past, and making new memories with his family for years to come. Both the client and his daughter expressed their appreciation for the clear, supportive, and collaborative approach, noting that the process felt more like a trusted conversation than a financial transaction.
Why This Case Matters
This case highlights the potential of drawdown equity release to unlock flexible funding solutions in later life. It demonstrates how expert advice can help clients access the capital they need to achieve personal goals while retaining control and peace of mind.
It also demonstrates the importance of involving family members in the process, ensuring confidence and clarity for everyone involved.
At Henry Dannell, we believe financial solutions should be about more than just numbers; they should help clients live the lives they envision, on their terms.
In this case, drawdown equity release not only funded a long-held dream but also provided the reassurance of a financial safety net for whatever the future may bring.
This is a case study and not indicative of typical results. Past performance is not necessarily representative of future results. This information is for general purposes only and does not constitute financial advice. Please seek professional advice before making any financial decisions.
Please note: A mortgage is secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Mortgage deals may not be available, and lending is subject to individual circumstances and status. To understand the features and risks, always obtain a personalised illustration.
