Over 55s and the rise of energy efficient living
How our lifetime mortgages are promoting eco home improvements
More than ever, the over 55s are thinking about the long-term choices they make for their home. Improvements overall may be a top priority, but it’s the sustainability benefits they’re really interested in. And you can help these eco-conscious consumers have the best of both worlds.
Post-pandemic market growth has seen housing wealth reach an estimated £4.4 trillion for the over 55s. Lifetime mortgages are giving this age group more options to unlock their wealth to live the later life they want. According to research, 39% of equity release customers are using funds from lifetime mortgages for home improvements, and 13% are spending it on sustainable choices. They’re making choices for both a brighter financial and planetary future.
Take Lillian. When she bought a former chapel to convert it into her forever home, she wanted it to suit her changing needs as she got older. She also wanted to make eco-friendly improvements that were both good for the planet, and could save her money in the long run.
Lillian’s proactive eco conscious approach left her with a shortfall of almost £30,000. To help her finish the work, she took out one of our lifetime mortgages.
Energy efficient solutions to home improvements
There are plenty of ways your clients can fulfil their environmental motivations at home, without having to move.
It’s no surprise that improving building efficiency is the quickest way to help families and businesses through the rising cost of energy. With energy efficiency upgrades among the top five reasons homeowners were making home improvements in 2022, making eco improvements could reduce your client’s long-term heating bills by 20% – and their reliance on fossil fuels which currently heat 90% of UK homes.
Double glazing is the most popular choice for improving efficiency, but your clients could consider some simple yet effective options such as draught stripping, roof, loft and wall insulation, or insulation for water tanks, pipes and radiators.
If they want to reduce their reliance on fossil fuels, renewables like solar panels and air or ground source heat pumps can be a great long-term investment for their home.
Polling by Rest Less found 65% of the over 50s they surveyed were “very concerned” about climate change, with the organisation commenting: “mid-lifers feel a huge sense of responsibility for the health of the planet and their role in reducing climate change.”
Thanks to you and our range of lifetime mortgages, more of your clients are able to make these all-round positive changes for the future.
How you can help
We understand the difference your advice can make. That’s why our lifetime mortgages are here to help you do what you do, so your clients can live the lives they want. Releasing equity lets them spend on improvements that benefit both them and the planet.
And you can make these improvements even more rewarding with our Energy Saving Cashback offer. So if your clients use all or part of their lifetime mortgage for energy efficiency improvements, they can get up to £1,000 back on qualifying works. They’ll just need to check the works qualify before going ahead, and find and instruct an approved installer.
See the full details on what qualifies under the offer.
Share the news and thanks to you, more clients can make positive changes for the future.