Case Study Two
Grandchildrens's House Deposit
Mr & Mrs Yates were both in their early 60’s with two grandsons. One grandson, aged 28, was in full-time employment as an engineer but was desperate to buy his own home with his fiancé.
Due to the cost of homes in their area, they knew that their grandson would not be able to afford to move out for quite a few years, due to the deposit that would be needed. The couple wished they were in a position to support their grandson.
So Mr & Mrs Yates, who owned their property outright, contacted Evolve Lifetime to find out if they could release equity from their home so they could give their grandson enough money for a house deposit.
“We would much rather he had it now when he needs it the most, rather than having to wait until we have both passed away.”
With Evolve Lifetime’s help and advice, Mr & Mrs Yates, were able to release the money from their home to help their grandson get onto the property ladder. Their grandson and his fiancé were able to buy a 2-bedroom home, just a few streets away from the Yates.