equity release - lifetime mortgage

[mb2011]

Hi

Does anyone have experience to share of taking out a lifetime mortgage to buy a house?
We have sold our house and are taking out an equity release lifetime mortgage to help buy our next home.

Our concerns are how much we will be restricted in what we can do with the house by the lender ( subject to planning permission of course) . We understand that with a mortgage there are restrictions such as applying for permission from the lender to alter the property – but there is no advice I can find as to whether these equity release lenders are inclined to agree to alterations or not. And will they be inspecting the property on a regular basis? In short, how hands-on are the lenders when it comes to altering/maintaining the property?

We would like to: convert the garage into a living room
Add folding doors from the back room into the garden
Add a conservatory onto the back of the house
Create another room in the attic

Thanks

There are some cautionary accounts of equity release on money saving experts forum.

Not sure I quite follow what you are doing. An equity release product is used by an existing homeowner looking to raise capital secured against the value of their home. Interest may be paid monthly or rolled up and added to the overall repayment due when you die or the house is sold.

You have sold your house and are buying a new one, which means that equity release is unlikely to be the right product to meet your needs. You sound like you need a Retirement mortgage of some sort, which is something that many of the mainstream lenders and smaller Building Societies are now offering.

A mortgage broker would help you sort through all the options and find out which lenders were happy with you doing the proposed works to the property.