In the third quarter other equity release uses included buying a car (9%) and funding a new property (5%).
One in eight equity release customers are using the money raised from their properties to go on holiday, Retirement Advantage research has found.
In the third quarter other equity release uses included buying a car (9%) and funding a new property (5%).
However home and garden improvements (25%) was the most common reason.
Alice Watson, head of marketing at Retirement Advantage Equity Release, said: “For customers looking to maintain their lifestyle in retirement, using property wealth makes sense.
“With equity release you remain in control of your property, and there are different product options depending on how – or whether – you want to start paying the loan back.
“As equity release continues to grow in popularity and product innovation widens the scope of what’s available, the breadth of uses of property wealth to support retirement will no doubt increase further.
“The next step is for more financial advisers to become equity release qualified, so they can talk to their customers about the importance of a holistic approach to retirement planning, which considers property alongside other assets.”
