Making home renovations is a great way to boost your living space and give your property a new lease of life. Whether you are looking to upgrade your kitchen or turn your loft into an extra bedroom, the cost, however, can be steep.
Equity release is a hot topic in 2023, as more homeowners look at ways to maximise their cash. Simply put, releasing equity involves borrowing against your home’s value. If you plan to undertake a big project around the house, the money released from your property can be used for renovations.
When considering equity release, it’s always best to speak to an expert first.
Your home may be repossessed if you do not keep up repayments on your mortgage. A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
