Equity release to fund home improvements

If you’re looking to make some changes to your home, you might have considered using equity release to fund home improvements. From essential repairs and maintenance to making your home more accessible, equity release can help fund the projects you’ve been dreaming of by releasing tax-free cash from your home.   

Enhancing the comfort and functionality of your home, making adaptations and changes around your home can improve the functionality of your home, helping you to remain in your property as long as possible. 

Can you use equity release for home improvements? 

Yes, you can use equity release to fund your home improvement projects. Our specialist equity release advisers will work closely with you to help match you to the right option for your specific needs and circumstances.  

There are three main types of equity release products, interest-only lifetime mortgage, lifetime mortgages and home reversion plans. Learn more about the pros and cons of equity release. 

How can I release equity for home improvements? 

If you’re looking to release equity for home improvements, you’ll need to work with a specialist equity release adviser. Your adviser will walk you through the process and help you find the right solution for your circumstances.  

The amount of equity you can release will be determined by a few factors including your age, health and lifestyle. 

Try our free equity release calculator to see how much equity you could release.  

How can I use equity release to fund home improvements?  

Our specialist equity release advisers will work with you throughout the equity release process, explaining everything you need to know and answering any questions you, or your family, might have.  

To work out how much equity you could release, you’ll need to get your property’s value and subtract any outstanding mortgage or secured debts, this will leave you with how much equity is stored in your home.  Your adviser will explain how much of the equity you are eligible to release and any factors that may impact this. For a quick and easy calculation, why not try our free online equity release calculator.  

Once our advisers have determined how much equity you could be eligible to release, they will work with you to find out if you would like to make repayments, this will allow them to match you to a product might suit your circumstances. 

You will then go through an application process, once this has approved and the funds have been released, you will be able to use your tax-free cash to start your home improvements.  

Releasing equity from your home can be a practical and effective way to fund a wide range of home improvements from essential repairs to aspirational projects and accessibility modifications.  

Essential work and repairs 

As your home ages, it’s more likely some essential maintenance and home improvements are needed to improve the safety and integrity of your property. These can include repairing or replacing roofs, updating plumbing systems, and addressing any structural issues. Equity release can help provide the necessary funds to undertake these vital repairs without dipping into your savings or taking out loans that require immediate repayment.  

Energy saving improvements 

With utility bills on the rise, more homeowners are looking to invest into energy-saving improvements to increase their home’s energy efficiency. From installing insulation, to fitting solar panels, and upgrading to windows and doors, these improvements can not only improve your homes efficiency but can also increase its market value. Equity release can be an excellent way to fund these upgrades, allowing you to enjoy long-term savings on energy costs. 

Aspirational projects 

For many homeowners, aspirational projects like building an extension, installing a new kitchen, or creating a luxury bathroom are high on the wish list. Transforming your living space with these aspirational projects can enhance your quality of life whilst increasing the space in your home. Releasing equity can provide substantial funds needed for these larger projects, enabling you to create the home of your dreams without making a monthly payment.  

Accessibility improvements 

As our mobility and needs change, it becomes more important to make our homes more accessible for a comfortable lifestyle. Improvements such as installing walk in showers, stair lifts and ramps can make a home safer whilst assisting homeowners in remaining in their home for as long as possible. Releasing equity can help cover the costs of these modifications, ensuring that your home remains a safe and welcoming environment for years to come.  

Can you release equity without remortgaging? 

Yes, remortgaging is not the only way you can release equity from your home. Although lifetime mortgages and interest-only lifetime mortgages will re-mortgage your home, there are a few other options that don’t include re-mortgaging. This can include downsizing to a smaller property or selling part or all of your home with a home reversion plan.  

It’s important to understand your options and what this may look like with your circumstances which is why we recommend learning more about equity release and your options with a no obligation call with one of our specialist advisers.  

When will I pay back my equity release? 

When you pay back your equity release will depend on the product you use. Most equity release plans will be repaid when you die or move into long-term care, however, a lifetime mortgage can allow you to make partial repayments towards paying off your loan. If you’re looking to repay a lifetime mortgage, or another equity release product, it’s important to discuss if you wish to make repayments with your adviser as you may be subject to early repayment charges.