A third of Brits are making home improvements to add value to their current property
After living in your home for a number of years, carrying out home improvements may be all you need to fall in love with it again. Research from Compare the Market, conducted during lockdown, highlights that 32 per cent of us are planning some form of renovation work on our homes. But with many of us choosing to go down the home improvement route, how to pay for it can be another matter. According to Age Partnership, in 2020 more than 26 per cent of people who released equity from their homes used the funds to pay for home improvements. These homeowners chose to release some of their property equity to access a lump sum of tax-free cash, within as little as eight weeks in some cases. But funding your home improvements through equity release isn’t necessarily the right solution for everyone.
Seek advice
Expert advisers will explore all options with you and will tell you everything you need to know about equity release, including the effect on the amount of inheritance you can leave, and if your entitlement to means-tested benefits could be affected now or in the future. Through the Mail Finance Equity Release Service you will be provided with a free quotation outlining what equity release could mean for you. You’re under no obligation to proceed with anything that is recommended to you. Only if you choose to proceed and your case completes would a fee of £1,795 be payable.
What's involved?
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, ask for a personalised illustration. Money released, plus accrued interest, would be repaid upon death, or moving into longterm care.