How to improve your home during isolation with Equity Release

7th April 2020

I don’t know about you but all this time at home struggling to find things to do has evoked a sense of dissatisfaction with my living conditions. Suddenly I am aware of the peeling paintwork on the windowsills, the chipped skirting boards and threadbare areas of the carpets which I hadn’t really noticed before. My house now seems shabby to me and I don’t like it. My living space seems smaller than I have noticed before, the bathroom needs a new shower and its high time we replaced those decaying fence panels in the back garden. Home renovations are now becoming my daily obsession in this period of instability and increased anxiety, when we are desperate to take charge of something in our lives at least; so let it be my house.

I am quizzed how I can practically make changes to my house right now with most businesses being closed for face to face business. But that’s not stopping me from making plans, big plans. I have already researched numerous ideas online and asked for quotes but then I hit another stumbling block: where can I find the finance to realise these plans? I think about a loan, or re-mortgaging the house but these forms of finance are usually based on income related criteria and my salary is modest to say the least and my husband retired last year.

Then I come across an article on Equity Release and suddenly the cloud lifts, and a sense of possibility pushes my dissatisfaction to one side with a great big nudge. Maybe I do have the finance to make this possible

I research advisors and find Kevin Woods, an independent and experienced Equity Release specialist and I give him a call. He is very easy to talk to and he explains the whole concept of Equity Release to me in a language I understand, and we discuss whether this is a good option for me. Kevin explains that Equity Release is simply a loan taken out against the value of your property, at a fixed rate of interest for the duration of the loan and will allow me to access a tax-free lump sum to use as I wish. Thankfully the main criteria for eligibility for this loan is to be a UK homeowner over 55-years old so we both qualify this minimum of criteria and I find out more.

We conduct all the enquiries, research and transactions over the phone as this is the only way most businesses can carry on these days but that isn’t a problem at all. Kevin knows what he is doing, he’s being doing it for years, and the whole industry is a well-oiled machined which continues to function remotely with maximum efficiency.

Kevin also explains that we do not have to pay back the loan unless we choose to as there is the option to allow the interest to roll up leaving the value of the loan to be taken from the property when we either die or go into long-term care. I feel more comfortable making regular interest payments, so Kevin choose as product which includes this facility. We are pleased to learn that the amount of equity we can release is more than we need at the moment so Kevin suggests that we have a drawdown facility which means we take a loan for what we need now, and if we want more in the future we ‘drawdown’ from our given maximum when we need more money.

I am impressed, and relieved. In this period of physical immobility, where personal progress seems to have been frozen, I am still able to make real plans for my future. When all this is over, and we can be liberated once again, I will already have the cash in my account to allow me to phone those contractors, currently stuck at home with stagnant businesses, and instruct them to come and change my physical world to how I want it to be. I deserve this at the very least after this period of austerity, anxiety and penance.

My dream home, my released life and my place of renewed freedom will in fact become a reality thanks to the equity that Kevin Woods will help me release from my property.

Good news at last – now isn’t that refreshing for a change:-)

If you would like to find out if Equity Release is the right option for you, contact Kevin Woods on 01489 232036, or at kevin.woods@equity.co.uk for a free consultation without commitment or obligation of any kind.

Why not get in touch and see how we can help?

Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back

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