Home and garden improvements most popular way to spend equity release funds
According to the lifetime mortgage provider LV=, nearly a third (31%) of customers use equity release to improve their home or garden.
A quarter (25%) used it to ‘top up’ their income and pay for everyday expenses, while one in seven (15%) used the money to pay off mortgages, loans and debts – up from 9% in 2015.
Richard Espley, Director of Equity Release at GW, comments:
“These findings indicate that more and more people are seeing equity release as an attractive option to improve their lifestyles beyond retirement, while remaining in their own home or, in this case, making it even better.
“With many households faced with financial pressures, it is also not surprising that equity release is being used to pay off existing debts.
“Either way, it is clear that many homeowners are using this method to give them financial peace of mind later in life.”
Equity release is available to homeowners who:
- Are aged between 55 and 95
- Live in England or Wales
- Own a property with a value of at least £50,000
Content correct at time of publication