Home Improvements

Home improvements and accessibility adaptations

Homeowners aged 72 and 70 funding a level-access bathroom and heating replacement.

Client profile

Joint applicants, 72 and 70, owner-occupiers for 31 years, modest defined-benefit pension income.

· Fund adaptations to remain in the home
· Avoid monthly commitments from pension income

Property & amount

Semi-detached house, standard construction, valued at £340,000, no outstanding mortgage.

£45,000

Alternatives considered

· Local authority disabled facilities grant
· Savings
· Family contribution
· Downsizing

Possible advantages

· Remain in a familiar home and community
· No compulsory monthly payment
· Fixed rate for life

Important disadvantages

· Estate value reduced over time
· Interest compounds if unserviced
· Early repayment charge may apply

Questions an adviser should consider

· Has a grant application been explored first?
· Are the works necessary now or deferrable?
· Would a smaller initial advance with a drawdown reserve reduce total cost?

Vulnerability considerations

Neither applicant showed indicators of vulnerability at fact-find; hearing support was offered.

Calculation example

£45,000 at 6.2% with no repayments projects to approximately £82,000 after 10 years.

Illustrative only — not a provider quotation or personalised recommendation.

Last reviewed 2026-09-13 · sample

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