Case Study: Home Modifications for a Disability

Thomas & Co Mortgage Advice recently helped a client who was forced to retire due to ill health. Sarah (anonymised) needed money to upgrade her house, as home modifications were required to suit her disability. This case study looks at how our team supported Sarah and secured the cash funds she needed, so she could carry out her home renovation.

Retired and short of funds

When we met Sarah, she was facing a serious financial dilemma. As a 57-year-old woman, who had been made to retire on medical grounds, Sarah had various needs because of her disability. Some aspects of her home needed modifying so she could enjoy a comfortable standard of life. The necessary home modifications, however, came at a high price, and Sarah was in urgent need of some cash funding to pay for these property upgrades.

Lenders refused to help

Sarah’s home was on a main road, alongside a major trainline with a large hand car wash across the road. Lender after lender refused to offer a deal for the property, which made it extremely difficult for our team. As an independent, whole-of-market mortgage broker, we were able to contact numerous lenders, and in the end, we found a lender willing to help.

Securing cash funds

The last lender we tried agreed to offer Sarah a suitable Lifetime Mortgage deal. This enabled her to access enough cash locked away in the value of her home, so she could pay for her home modifications. When no other broker had been able to help, Sarah was very happy and relieved that we were able to secure a deal to provide these urgent funds. Our main strategy behind securing this deal included using our broad expertise and persistence!

Equity release for home modifications

A Lifetime Mortgage is also known as equity release. This is a type of long-term loan that only gets repaid after your death or if you were to go into care. If you’re aged over 55 years and your home is worth more now than you originally paid for it, you may be eligible. Releasing equity from your home allows you to access cash from the value of your property.

As an authorised equity release broker, we always provide accurate advice, tailored to your individual situation. If you’re an IFA or an accountant with a client who needs to fund urgent home modifications as result of a disability or another need, then please talk to us about equity release. We can help you support your client by offering a practical mortgage solution. 

Do you know someone who needs to raise cash to upgrade their home? If you know anyone in the same position as Sarah, then please share this article with them and ask them to get in touch. Our friendly, helpful team will be on hand to provide expert mortgage advice.

If you or your clients need cash funding to make home modifications due to a disability, please talk to our team for advice. Call 01455 238 650 or send us an enquiry.