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There could be any number of reasons why you’d like to stay in your own home as you get older, least of all being the fact you’ve grown attached to where you live and you want to stay there. But if you want to improve your home in some way or need the money to adapt it to make day-to-day life easier, then a lifetime mortgage may be the answer.
Those changes may include something you’ve always dreamed of like a new workshop or an artist’s studio in the garden … or they may be practical necessities such as a new boiler or new double-glazing and roof insulation. Getting a new patio or pathways laid perhaps, so you can carry on getting easy access to the garden you enjoy so much.
Or, if you are less physically active now, you may want things like ramps through every external doorway and door-widening to accommodate a wheelchair; relocating switches and plugs so that you can reach them easily; stair lifts and handrails; a new shower or toilet or bathrooms … even adaptations to your kitchen that make it easier to put the kettle on and cook your own meals.
You may be eligible for funding or local grants that could help you stay in your home for longer, which may be more appropriate for you than a lifetime mortgage.
Taking a lifetime mortgage is a big decision as it creates a debt on your home and the loan will literally last a lifetime. As we charge interest on the total loan amount, plus any interest already charged, the amount you’ll owe will grow quickly. Your adviser will encourage you to look at your other savings and investments, and other options to borrow money to see if these are a better option than a lifetime mortgage. If you would still like to explore a lifetime mortgage, they will help you proceed to an application.
Patricia and Les live in Wales. They downsized from a large five bedroom family house to a two bedroom home, but as time went on they missed having space in which to relax. The ideal solution was a conservatory. However, with limited income in retirement that seemed unachievable – until they looked at lifetime mortgages.
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Couple being advised
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