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.
Equity release was used for home and garden improvements by nearly a third (31%) of customers according to the insurance provider LV=.
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.
Vanessa Owen, head of retirement solutions products at LV=, said: “We continue to see people using the equity in their homes to make their lives more comfortable through home improvements.
“However, last year we also noticed a significant increase in those relying on the money from their property to meet financial commitments like loans and debts.
“We know many UK households are still feeling the squeeze and equity release can be a popular way for clients to ease financial pressures. In fact, equity release lending surpassed the £2bn mark for the first time last year."
