Equity Release Used to Fund Home and Lifestyle Improvements

A recent research carried out by Key Retirement Solutions showed that almost 65% of Brits prefer to use some cash they earned from equity release on home and garden improvements. This compares to 43% in 2009.

Experts at the organisation are determined that this can be explained by the fact that most people who opt for money release are retired and spend more time at home. This makes home improvements a priority for them.

The report also showed that some of the remaining 35% of Brits use the cash for leisure and holidays, which means that people try to take all they can from their retirement years. Last year, only 19% of Brits spent this money on holidays.

The research, Equity Release Market Monitor, which covers the first 3 quarters of 2010, revealed that £613.325 million in equity was released this year. The figure compares to £586.7 million in 2009.

Mr. Mirfin of Key Retirement Solutions said that the figures demonstrate “strong growth with customers increasingly using the money to improve their homes or gardens… and confidence that customers are using the money for leisure and lifestyle improvements.”