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Spring into your dream home in retirement

Your Life
Monday 12 April 2021
Whether you’re yearning for a newly landscaped garden to relax in or more space to entertain your loved ones, retirement can be the ideal time to get started on the projects you never had time for before.
Of course, having the dream home can be costly – even if you’re looking at simply functional rather than luxury.
But, one way that homeowners 55 and over are affording home and garden improvements is by using the value built up in their property.
By releasing some of the equity that’s tied up in your home with a lifetime mortgage, the most popular type of equity release plan, you can use it to not only create the home you want, but to also potentially  add value to it.
61% of Key Equity Release customers used some of their property wealth in 2020 to make home or garden improvements*, meaning they could create the home that they wanted without having to sell up or move.
Helen Marsh, a retired teacher, used some of the money she released from her home to do some needed home improvements.
“In the past, whenever I've had a home improvement project or something like that which needed doing, I would take a short term loan out and pay it back over three years. I've just never had any real money behind me.
I found myself in a situation where I was sitting on over £300,000 of property, mortgage free, but I was still frightened to death should anything actually happen as I didn't know where the money would come from.
Downsizing wasn't an option. Although mine is a three-bed family home, it's not a big one. It's just right for me. The garden is manageable and low maintenance and with the great grandchildren - it's nice to have a little extra space.
So I started to think about equity release and did so for about two years. I talked it over with my three daughters and went from there. When I read up on it, Key seemed to be a good company, so I got in touch.
I've had a new kitchen installed. I've also had new French doors, windows and a new front door put in. It wasn't secure at all before.
I'm hoping to keep as active as possible for as long as possible, so having more disposable income now, means I can look into stair lifts and future proofing the house should the time come.”
With a lifetime mortgage there are typically no repayments to make, as the loan plus roll up interest is repaid when the plan comes to end.
The first question that needs to be answered, though, is if equity release is right for you. But that’s not something you need to decide alone or without all the information.
At Key Equity Release, we offer personalised advice from fully-qualified equity release specialists. We’ll explain how equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. We’ll always ensure you consider your other options, including downsizing or using other forms of lending.
And if equity release isn’t right for you, we’ll tell you.
Key has helped more than one million people decide if equity release was right for them or not and they have a unique understanding of the questions and concerns people have about equity release.
Find out if equity release could fund your home improvement projects or dreams by requesting your free, complete guide to equity release: https://www.keyadvice.co.uk/equity-release/request-a-free-guide
* Key’s Market Monitor, FY 2020
Things to consider
  • Equity release is regulated by the Financial Conduct Authority (FCA)
  • Key Equity Release offer lifetime mortgages only, which is a loan secured against your home
  • You always remain the owner of your home with a lifetime mortgage. You will never owe more than your home is worth
  • Key’s equity release advice relates to their range of Key branded products and our fixed advice fee of £1,299 is only payable on completion, you can find out if it’s right for you without it costing you a penny
Page last updated: Monday 15 April 2024