Renovating your home using equity release

14 July 2021

Using equity release for home improvements

Having had last year’s lockdown to reflect on our living spaces, a survey by NatWest finds that nearly two thirds (62%) of people who remortgaged last year would do it again to fund home improvements – with one in three remortgaging to fund home improvements compared to one in five previously. This shows more homeowners exploring new ways to renovate their home to their needs or to achieve a higher selling price on the market.

Whether for extra living space, to create a more beautiful environment to retire in, or to help develop the garden, releasing equity for home renovation has become a leading choice for homeowners over 55 to reach their home-improvement goals.

Why equity release?

Among many ways to renovate a home the most common are garden upgrades (34%), followed by the living room (23%), bedroom (22%) and kitchen (22%), with almost two thirds of people wanting to feel more comfortable, according to a 2020 report for money​.co​.uk. With an estimated £55 billion spent across the UK on home improvements in just four months after the first lockdown came into force, a trend has emerged as 73% of homeowners admitted they will continue to stay at home, even with the easing of lockdown restrictions.

Releasing equity for home renovations is an option for some homeowners over 55 looking to make improvements, as it enables them to access money against the value of their house and reinvest it into creating a better quality of life in their home for longer, without the added pressure of high interest borrowing. This could be to create more space for family to visit in retirement – or even to create more accessibility for those with medical health conditions.

If you’re eligible to use equity release for home improvement purposes, an expert adviser will help you choose a plan that is most fitting to your needs, with repayment options ranging from regular, manageable repayments or from your estate. This flexibility makes equity release a popular choice for people over 55, as you have more control over how much you want to release and choosing the right plan that works for you and your family.

Things to think about when considering equity release for home renovations

If you, or someone you know, is considering using equity release to help with home renovations, there are some key questions to consider first that can help to guide your decision:

Our founder and Managing Director, Jan Johnson, said: Having spent a lot more time at home recently, it is no wonder so many homeowners over 55 are now seeing the importance of making their home work for them! If you’re considering releasing equity in your property to manage the cost of home improvements, speaking with an experienced adviser to enable you to make an informed decision and better understand industry terms will help you to find the right equity release plan that suits your renovation needs.

Our advisers at 55Plus Equity Release are all experts, and we’re independent, so we will scour the market to find the best product for your personal needs.”

If you’re thinking about using equity release for home renovation, please get in touch.

Safe consultations: socially distanced, over the phone or by video call – we are happy to hold our initial free consultations however you feel safest, in line with current guidelines.

Talk to an expert

Safe consultations: socially distanced, over the phone or by video call – we are happy to hold our initial free consultations however you feel safest, in line with current guidelines.

Talk to an expert