Using your Property Equity to Fund Home Improvements
22% of people who released equity from their homes in 2018 with Age Partnership 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. But funding your home improvements through equity release isn’t the right solution for everyone.
No monthly repayments
One of the main reasons that people choose equity release is that there is no requirement to make monthly repayments if you choose not to. The youngest homeowner must be at least 55 years of age and your home must be worth at least £70,000. With a lifetime mortgage, the most common type of equity release you could release from £10,000 up to 55% of your property value. Which could cover the cost of a new bathroom or some landscaping. You can spend the money you release as you wish, once you have paid off any existing standard mortgage that you may have.
An independent equity release advisor 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.
At Age Partnership we provide a free equity release quotation outlining what equity release could mean for you. You’re under no obligation to proceed with anything that is recommended to you.
Important Information — Equity Release
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.
As multi-award-winning equity release specialists we provide informative impartial advice covering your options as well as explaining how equity release will affect potential inheritance and how your entitlement to means-tested benefits could be affected now or in the future. We provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.
Age Partnership Ltd is authorised and regulated by the Financial Conduct Authority. FCA Register Number 425432. Age Partnership Ltd, 2200 Century Way, Thorpe Park, Leeds LS15 8ZB.