Equity Release Mortgage for Home Improvements

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Equity Release Mortgage for Home Improvements

As the costs of moving house can often run into many thousands of pounds, more and more people today are looking to maximize the space they have by extending or converting lofts or garages into living space.

In some cases, building an extension to your home could cost less than the stamp duty on a new property. Re-mortgaging to release equity can be an easy and cost effective way to fund home improvements, which will in turn hopefully increase the value of your home. Not all projects of course will add as much value to your property as they cost to achieve. If you have any concerns, you could talk to local estate agents before embarking on major improvement works. They will give you an idea of how much your property will subsequently be worth and how the alterations may affect the `sale-ability’ of your home in the future.

On the whole, new kitchens, extensions, additional bathrooms, conservatories and parking should add value to your home. Some alterations will pay for themselves in terms of value whereas others may just make your home easier to sell. Double glazing will generally add value and save you money on heating bills however, for period houses in conservation areas for instance, it may make your house less appealing to future buyers.

It seems obvious but always be sure that any alterations have the appropriate planning permission and comply with building regulations. Your builder may not always inform you of all the permissions you need. Without these, work may in future have to be un-done or it may make a property impossible or difficult to sell further down the line.

To find out more about releasing your property’s equity to improve and add value to your home, please complete an Equity Release Mortgage Enquiry Form and we will arrange for one of our advisers to contact you. Or you could call us on 0808 156 2670.

Equity Release Options
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