What are the remortgaging options for retirees who would like to build an extension? Mark Gregory, our equity release expert, has a few ideas to help a reader who would like to refurbish their home
The Question
Are there any remortgage options for homeowners who are retired? I am 68 and live alone in my home, which I own outright. I’ve been mortgage-free for seven years.
I would like to build an extension and replace the kitchen and bathroom. Can I remortgage at this age? And, if so, what are my options? My house is worth £340,000 and I estimate I will need around £45k to do the work.
The Answer
Thank you for your question, and I am delighted to inform you that you have several options to raise the capital you need. Based on your age, you are mortgage-free, and the value of your home it is possible for you to raise the capital you need from equity release which includes a Flexible Lifetime mortgage, a Home Reversion Plan. You may be eligible for a Retirement Interest only Mortgage or a Retirement Mortgage.
Using our smartER research tool, based on your age and property valuation, £45,000 could potentially be raised on a lifetime mortgage at an interest rate of 6.19% MER with Standard Life.
Building extensions, enhancing, and refurbishing their homes to their personal taste is a very popular objective for our customers here at Equity Release Supermarket.
However, as noted with so much choice for you, I strongly recommend that you take expert advice from an independent whole of market specialist who will not charge you until you are 100% satisfied, you have taken independent legal advice and any recommendation they make completes.
Our expert adviser will listen to what you want, gain a clear picture of your circumstances, and then create a bespoke plan for you.
As noted, there are many plans, benefits and features available to you, so let our expert adviser do all the work for you and you can then proceed with confidence based on the information and advice you have received.
Meet our expert…
Mark Gregory, founder and CEO of Equity Release Supermarket, is here to answer your questions. Mark is an adviser himself with over 20 years equity release experience.
He launched Equity Release Supermarket 10 years ago and it has grown to become one of the UK’s leading equity release specialists.
Email kate.saines@emap.com to ask Mark a question
