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Home improvements

Releasing equity from your home could allow you to make those important changes to stay in the home you love

Home is where the heart is

If you want to stay in the home you love for as long as you can, you'll want it tailored for you and your needs.

Of course, one person’s idea of a comfortable retirement at home can be very different to someone else’s. While some may dream of days relaxing in their perfectly manicured garden complete with a hot tub others may be content with a larger living space or an extra room for when the grandchildren come.

Whatever you dream of, it’s likely as you get older, modifications will have to be made to accommodate your changing needs. With age, everyday tasks can become more difficult. But by making a few improvements, you might be able to stay in your home for longer and enjoy a better quality of life.
 

Future proofing your home

Modifications to your home, such as stairlifts, a more accessible bathroom, ramps and household aids, can make all the difference between staying in familiar surroundings and downsizing or even moving into long term residential care.
 
Whatever stage of life you’re at and whatever budget you’ve got to use, there’s almost always something you can do to improve your home and increase your independence.

And remember, you may be entitled to financial assistance if you need to make home modifications. It’s always worth speaking to agencies such as Citizens Advice or contacting your local council first before starting any major works.
 
Or, you could look to your home to help you fund long-awaited renovations.
 

Using property wealth

Making home improvements is a very popular reasons why homeowners aged over 55 are choosing to take out equity release. By unlocking some of the tax-free cash from their home, they could make the changes they want to whilst staying in the home they love. Like Anna Whiting:
 
“After reading an article about equity release and how you can unlock the cash from your home, I spoke with my son, Chris, to ask him his advice and for his approval. Chris was very interested in hearing more about it, so I got in touch with Key. They gave me so much help and advice and also got in touch with my son so he could ask the questions he needed to as well.
 
I needed a new bathroom urgently, because I was unable to get in and out of the bath. I now have the most beautiful bathroom and am able to shower. Even the floor was altered to walk off the landing without a very high step to get down. I have also had the floor in the kitchen fitted and a new washing machine.
 
I love my home and now I feel like I’ll be able to stay in it and care for it without any help. I’m so glad I have been able to do what I have to make my life a better one.”
 

Our specialist equity release advice relates to Key lifetime mortgages only, which is a loan secured against your home.

Lifetime mortgage benefits

Your specialist equity release adviser will explain:

  • You can unlock cash from your home, tax-free, to help meet your needs in later life
  • You’ll always retain full ownership of your home and can stay in it for as long as you wish with a Key lifetime mortgage
  • You can choose to make reduced or no monthly repayments to suit your circumstances
  • You’ll never owe more than your home’s worth with a Key lifetime mortgage
  • You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges

Drawbacks

Your equity release adviser will also outline the following important things to think about:

  • A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
  • Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • Equity release may leave you with limited or no property equity remaining
  • Equity release will reduce your financial options in the future
  • A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Things to consider

  • All our equity release advice relates to Key lifetime mortgages only - a loan secured against your home
  • The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
  • Our fixed advice fee of £1,299 is only payable on completion
 

Is equity release right for you?

Equity release is a way for homeowners aged 55 and over with a property worth £70,000+ to release some of the tax-free cash from their property to spend on a variety of uses. However, it’s not right for everyone.  

At Key, our specialist equity release advisers will discuss your needs and ensure you consider all your financial options, and their expert advice is available over the phone, via video appointment or face-to-face, whichever is right for you.
 
And, if equity release isn’t right for you, we’ll tell you.

Here to help when you're ready

Use our free calculator

Find out how much tax-free cash you could release from your home now with our equity release calculator

Speak to an adviser

Book an appointment with a specialist equity release adviser at a time that's good for you

Assess your options

Our later life mortgage finder helps you consider your options

Page last updated: Monday 18 March 2024