Can I alter my home if I have an equity release mortgage?
People often ask us if it’s possible to make modifications to their home when an equity release plan has been entered into. From our experience, we understand that most providers will be happy for you to so, but you will require their written consent beforehand.
Adding value to your home through making modifications, such as extensions, conservatories, installing a modern kitchen or bathroom and other major changes, will generally be seen as a positive thing, as this will make your home more desirable and easier to sell in the future.
A detailed description of your planned modifications will need to be given, and your provider will decide whether to approve them or not. After all, the cash released from your home is yours to do with as you wish, so it seems perfectly feasible that you would want to improve your home to make your retirement as comfortable as possible.
‘My adviser made me feel confident that I knew exactly what I was getting into and she really knew her stuff. There was no pressure; she recommended what felt like the right thing for me and most importantly, she really cared.’Successful over 55 equity release scheme applicant, London