Using Equity Release to fund Home Improvements:

If you’re a homeowner aged 55 or over, you may be able to use Equity Release to fund much-needed home improvements. Whether you’re planning a new kitchen, a loft conversion, or energy-efficient upgrades, equity release allows you to access the equity in your property without having to move.

What is Equity Release?

Equity release is a mortgage product that allows you access the equity in your home, usually as a lifetime mortgage. You retain ownership of your property, but release tax-free cash, which can be used however you like – including home improvements.

Why Use Equity Release for Home Improvements?

1. Increase Comfort & Home Functionality – Renovations like modern bathrooms, extensions, downstairs wet rooms or stairlifts can make your home more comfortable both now and in the future.
2. Boost Property Value – Certain improvements, such as kitchens, conservatories, or energy upgrades, may increase the value of your home.
3. Stay in the family home – Instead of downsizing, equity release enables you to remain where you’re happiest.
4. Flexible Options – Some plans let you release funds in stages, so you only pay interest on what you use. This is called a drawdown facility.

Popular Home Improvements Funded by Equity Release

• Kitchen and bathroom renovations
• Loft conversions and extensions
• Garden landscaping
• Double glazing and insulation
• Accessibility adaptations such as stairlifts, downstairs wet rooms or walk in shower facilities
• Energy efficiency upgrades such as solar panels

Things to Consider Before Releasing Equity

• Impact on Inheritance – Equity release reduces the value you’ll leave behind to your loved ones and beneficiaries.
• Interest Roll-Up – If you decide not to pay monthly interest payments on your lifetime mortgages this will be added to the loan each month and future interest is charged on the update balance, this could quickly reduce the equity you have in your home.
• Alternatives – it is important to consider your full financial circumstances such as savings and pension provisions. Could downsizing be a more cost effective option.
• Utilise Advice – Always seek advice from a qualified equity release advisor

Is Equity Release Right for You?

Equity release can be a powerful way to finance home improvements and enjoy life in the property you love. However, it’s not the right solution for everyone. Equity Release advisers can help you understand your options and find the plan that best suits your needs.

If you’re considering equity release in Exeter, Plymouth, Torbay, Saltash or anywhere across Devon & Cornwall, contact a local broker today and take the first step toward unlocking the value of your home.

Alternatively follow the link below to the Equity Release web page at Stuart Ash Mortgage Services

Equity Release Advice – Stuart Ash – Mortgage Services

‘Your home may be repossessed if you do not keep up repayments on your mortgage’

A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate