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May 2025 | Phonebox Magazine 37%u2022 Company Accounts%u2022 Corporati on Tax Returns%u2022 Sole Trader and Partnership AccountsEmail: andrew@aj-accountancy.co.ukTel: 07799 398555 or 01234 71315117 High Street, Olney House, Olney, Bucks, MK46 4EB%u2022 Self-Assessment%u2022 Payroll%u2022 VAT & Book-Keeping%u2022 Tax Advice and Business Start Upwww.aj-accountancy.co.ukDominic Mills & CoSolicitorsSpecialists in:WillsPowers of AttorneyDeputyship applicationsProbate and administration of estatesInheritance tax planningCare fees advicePlease contact Steven HighamBrewery House, 84 High StreetNewport Pagnell, BuckinghamshireMK16 8AQTel: 01908 618708email: sh@dmillsandco.comWebsite: www.dmillsandco.comborrowing may be needed and Equity Releasecan be used to bridge this gap.DIVORCESadly, the statistics of divorce at age 65+ haveincreased and finance can often be an issue.Equity Release can be used to enable oneparty to %u201cbuy out%u201d the other, or, Equity Releasecan be used to help both parties with onwardpurchases. If the marital home is sold and theproceeds divided, neither party may wish todownsize and Equity Release may help in buyinga more suitable property.REPAY AN INTEREST ONLY MORTGAGEThere are increasing numbers of people withInterest Only mortgages nearing the end of theirterm and without the funds to repay the capital.Equity Release can be used to repay amortgage. As many of today%u2019s plans allowinterest payments to be made, they can%u201cbehave%u201d like an Interest Only mortgage with aregular payment being made each month.Whatever your reason for considering EquityRelease, Michael maintains that advice andcareful consideration are needed. He ishappy to visit your home, chat by phone or viavideo conference to provide a free initialconsultation and with flexible times to suit hisclients.Call Michael on01908 382 406 or 07922 590652or e-mail him atmichael@bricksandmortgages.co.ukYou may find answers to some of yourquestions atwww.bricksandmortgages.co.ukLocal adviser, Michael Petchey, has been amortgage adviser since 2004 and specialises inEquity Release. He has seen Equity Release used formany different reasons. This month he shares anumber of scenarios that he has encountered overthe years.GIFT TO FAMILYEquity can be released to help towards a depositfor a property or to help in other financial ways.The family member is essentially %u201cgetting aninheritance early%u201d. There are naturally costs to beconsidered as ultimately, the recipient is likely toreceive less than waiting for an inheritance, but forthe right scenario, this can be a welcome injectionof funds at a time when it is needed.COST OF LIVINGRegardless of age, most people are %u201cfeeling thepinch%u201d and this is more acutely felt by those on fixedincomes. Equity can be released with adrawdown facility so that funds can be drawn asand when needed to supplement income or to coverincreasing outgoings. The beauty of a drawdown isthat interest is only charged as funds are released.HOUSE MOVEIt is still little known that Equity Release can beused to PURCHASE a property %u2013 it is not onlyavailable against a property you already own. In relocating or up-sizing additionalMichael Petchey CeMAP, CeRERWhen may Equity Release be the solution?This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs ifyou want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. Bricks and Mortgages Ltd is anAppointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no.11726935. Registered address : 3 Warren Yard, Warren Park, Stratford Road, Wolverton Mill, Milton Keynes, MK12 5NW. A fee may be charged for equity release advice.The exact amount will depend on your circumstances, our typical advice fee would be up to %u00a3495 on completion..