Not-for-profit enterprise London Rebuilding Society has launched a new home improvement equity release product with more2life.

The Healthy Homes, Healthy Lives scheme from London Rebuilding Society has been designed by more2life to provide a lifeline to over-55 homeowners who need to carry out home repairs, or have been unable to get finance to afford the cost of the works.

With traditional equity release products precluding properties which need this type of improvement, this new plan is aimed at supporting those who are living in poor conditions and enabling them to live in their own homes for longer.

The new plan has two elements, the first of which would see the London Rebuilding Society team work with the homeowner to plan the required works and then complete the home improvements. Secondly, the more2life equity release plan would then provide the funds to enable this to happen.

As part of the pilot, advice will initially be provided by The Equity Release Experts to assess the suitability of equity release and this product for homeowners in London, Brighton and the South Coast.

more2life CEO, Dave Harris, commented: “While it is shocking that more than one in ten homeowners live in homes that fail to meet the Decent Home Standards, it is particularly hard for older people who may have mobility or health issues. By teaming up with London Rebuilding Society to bring this product to market, we can support more homeowners as they improve their homes and ultimately their standard of living.

“The Healthy Homes, Healthy Lives programme is further evidence of the good that equity release can do in communities as well as for individual homeowners.”

London Rebuilding Society chief executive, Naomi Kingsley, added: “Too often we see older homeowners who through a range of circumstances find themselves living in properties which are in poor condition. Often too proud to ask for support or unaware of what is on offer, this impacts on their physical, financial and mental health.

“The Healthy Homes, Healthy Lives programme will help to tackle this problem by providing not just the funding but the project management support to ensure this benefits the end customer.   We are delighted to be working with more2life to make this a reality and look forward to growing the scheme following a successful pilot.”

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