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July 12, 2013 Latest News

Equity Release For Home Improvements

Many mature people live in homes which require improvement or updating but they do not have the necessary funds available to make changes. Replacement windows, complete redecoration, new kitchen, replacement bathroom, adding a conservatory, replace roof, guttering, new carpets and curtains, etc are all typical examples of such requirements. In fact almost anything needed for the home or even the garden.

So how can Equity Release help? Funds can be raised against the home but no repayments need be made until death or permanent long term care. Consequently, the works can be completed with no reduction of existing capital or income.

The amount available depends on age (55+) and state of health.

The interest outstanding does increase over time and will have to be repaid, with the capital, as stated above. This would reduce any inheritance from the estate, so, particularly where children are involved, the potential beneficiaries should be made aware of this. Generally, children are quite happy for their parents to live in comfort during their later years so have no objections to mum and dad setting up an Equity Release arrangement to make their home a comfortable place in which to live. There is an option to pass all the details to children, if required.

This is, of course, only a very brief outline of how to use Equity Release for Home Improvements so do please call me on my mobile 07888 979 799 or call our freephone number 0800 612 6755. Alternatively complete our request form for further information, without obligation.

This is a lifetime mortgage. It may affect your entitlement to state benefits & will reduce the value of your estate. Think before securing other debts against your home. To understand the features and risks, ask for a personalised illustration. Your home may be repossessed if you do not keep up repayments on your mortgage. The Right Equity Release does not charge any up front fees. A fixed fee is only charged on completion of an Equity Release Plan. Typically, this is 1.5% of the total facility or £995 whichever is the greater.