With just under 2.5 million of owner-occupied homes failing to meet the Decent Homes Standard, not-for-profit enterprise – London Rebuilding Society – has launched a new home improvement equity release product.
Designed and provided by more2life, the Healthy Homes, Healthy Lives scheme from London Rebuilding Society is designed to provide a lifeline to those over-55 homeowners who need to carry out much needed repairs and improvements 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 designed to support those who are living in these poor conditions and enable them to live in their own homes and communities for longer, both healthier and happier.
The plan has two elements, the first of which sees the team at London Rebuilding Society working with the homeowner to plan what works are required and then complete and oversee all the home improvements. Secondly, the more2life equity release plan will provide the funds to enable this to happen.
As part of the pilot, whole of market advice will initially be provided by The Equity Release Experts to assess the suitability of Equity Release and this product for the homeowners in the London, Brighton and the South Coast.
Advisers who wish to refer clients should speak to Key Partnerships or their existing The Equity Release Experts contact for further information.
Dave Harris, CEO, more2life, said: “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. At more2life, we are committed to continuing to provide this type of innovation which supports customers and the advisers who look after them.”
Naomi Kingsley, chief executive at London Rebuilding Society, 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.”
