The Healthy Homes, Healthy Lives scheme is designed and provided by More2lfe, and aims to help those who have previously been unable to get finance to afford the cost of works.
Equity release usually won’t accept properties that need these types of major improvements.
The plan is designed to support those who are living in poor conditions and enable them to live in their own homes and communities for longer.
The plan has two elements, with the team at London Rebuilding Society working with the homeowner to plan the required works and then complete and oversee all the home improvements.
The more2life equity release plan provides the funds to enable this to happen.
Up to the quality mark
It’s estimated almost 2.5m of owner-occupied homes fail to meet the Decent Homes Standard.
As part of the initial pilot, whole of market advice will initially be provided by The Equity Release Experts to assess the suitability of equity release and the 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, chief executive of 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.”
