Over half (53%) of customers have released additional funds from a lifetime mortgage for home improvements, Legal & General (L&G) Home Finance has found.
Research from the Centre for Ageing Better also found that whilst some of the funds are used to increase homes’ long-term efficiency, such as installing insulation or double glazing, for other customers, the funds are essential for adapting their homes to meet their later life accessibility needs. This allows them to remain in the same property, rather than moving or going into care.
Currently, there are one million homes across the UK that need adaptations to become a suitable place for its inhabitants, with a third of these people being 55 years old and over.
With an ageing population, property wealth can provide additional funds to make a home fit for purpose, such as replacing baths with wet rooms.
In the latest home adaptions English homes survey by the Ministry of Housing, Communities and Local Government, a shower replacing a bath is needed in 18% of homes that require adaptations.
Family support remains a priority and applications from new L&G customers have indicated that people continue to release equity from the homes to gift to their loved ones (17%).
Chief executive officer at L&G Home Finance, Craig Brown, said: “Property wealth can be a valuable asset for those who are considering covering more expensive home adaptations and want to increase the quality of their life. Our research found that home improvements continue to be the most popular use of equity release among our existing customers, helping those in later life stay in their forever homes.
“Using the loan value to help loved ones also remains a priority, with older generations wanting to pass on their wealth to financially support those who are starting their higher education journeys or are yet to get on the property ladder.
“At L&G, we are always listening and taking on board adviser and customer feedback, looking at ways that our products can change to reflect needs in today’s environment. It’s important to note that equity release is a lifelong financial commitment and won’t be suitable for everyone. Those considering applying for a lifetime mortgage must speak to a qualified financial adviser to be clear about all the options available to them.”
Latest News
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories