Home improvements and clearing mortgages top equity release uses

Latest data for H1 2017

Victoria McKeever
clock • 1 min read

Home improvements and clearing an existing mortgage topped the list of uses for equity release in the first half of 2017, Retirement Advantage has found.

More than a quarter (27%) of people used wealth released from their property to make home or garden improvements in the first half of the year, according to customer data from the pension planning specialist. The same number used equity release loans to pay off an existing mortgage, it said. By comparison, less than a fifth (18%) used an equity release loan to consolidate unsecured debt. Another 14% used property wealth to contribute to daily living expenses, while 13% funded a holiday. Retirement Advantage surveyed 2065 of its customers in the first half of the year. Head of ma...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

How advisers can play a role in boosting wellbeing in retirement

How advisers can play a role in boosting wellbeing in retirement

A happy retirement is the 'north star'

Cecilia Furner
clock 08 November 2024 • 3 min read
Partner Insight: Embracing the future of retirement planning

Partner Insight: Embracing the future of retirement planning

Brooks Macdonald
clock 31 October 2024 • 2 min read
Pension tax rules uncertainty shows 'need to shift retirement planning'

Pension tax rules uncertainty shows 'need to shift retirement planning'

Needs to include wider considerations of capital drawdown beyond pensions

Isabel Baxter
clock 24 October 2024 • 2 min read