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Home improvements

What is equity release?

How does it work?

Equity release is a way to unlock money tied up in your home with a loan

  • When you sell the property, the lender takes back the amount you owe from the sale and the loan is paid off
  • Home equity loans are only available to homeowners over the age of 55, and the amount you can borrow depends on your age
  • This type of loan can be expensive, and the amount you get in cash can be a lot less than the amount of interest you have to pay back.

What can I use it for?

You may want to release money from your property to pay for home improvements, or to use the money to supplement your pension.

If you're looking to release equity to pay off an existing mortgage, check out our paying off your mortgage guide.

Like all financial decisions, releasing money from your home is something that needs careful thought.

How can we help?

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Thinking of remortgaging?

Remortgaging is an alternative method for covering the cost of things like home improvements.
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Increasing your mortgage borrowing

You may decide to borrow more on your existing mortgage for a range of reasons. Our guide will help you learn more. Products available to over 18s.
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Calculate how much you need

We can help you figure out just how much extra money you may need to borrow with our budget calculator.

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