It can be frustrating to have so much money tied up in a home that isn’t quite perfect for you. Would a new kitchen add lease of life? Perhaps adding a conservatory – or just giving an overall refresh to make you fall in love with your space again?
An enormous amount of people choose to use equity release to do just that – making home improvements that make their time at home more comfortable and enjoyable.
A real-life home makeover
Gary and Elaine decided to release the equity from their home in 2015 and start making some much needed improvements.
“We’d moved a few years previously – after the kids had left home, but we never really got around to putting the finishing touches on the place.”
“We really wanted to have the windows done, I knew the old ones were costing us money through heating costs – but I also knew it was beyond what we could afford with our pensions and part-time work.”
Gary and Elaine met with an advisor who took them through a series of possible plans that would suit them. Including details of how their right to stay in their home would be protected.
“We worried that we’d be spending money on a house that we’d no longer feel secure in – but it couldn’t be further from the truth. We’re fully protected and plan to spend a long time here now we’ve got the place looking so good!”
Gary and Elaine’s plan meets with Equity Release Council approval, meaning they have a protected right to stay in their home, despite releasing their equity.
“It’s been wonderful to know that we’ve got the funds in the bank to be a bit more flexible financially. We even booked a week away so we could come back to a house with new windows! It’s nice to have a house with no maintenance worries as we get a little older.”
Studies have shown that equity release for home improvements is by far the most popular choice for why people choose to release equity from their property. (currently at 63% when accounting for all other reasons such as travel, debt, new purchase etc)