UK Money News
19th February 2008
Home improvement is No1 reason for equity release
Home improvements remain the number one reason cited by mortgage holders seeking to release equity from their home, new data has shown.
According to figures from Key Retirement Solutions, 58 per cent of all equity release plans are taken out to finance improvements to properties.
However, a shift in consumer habits was also uncovered by the study, with a growing tendency for equity release being used to pay off debts.
This marks a significant "shift" in the market, according to Dean Mirfin of Key Retirement Solutions, with 40 per cent of equity release participants using the cash for this purpose.
The study also bore out the increasing popularity of equity release, with an 8.6 per cent rise in new products coming onto the market noted last year last year.
Meanwhile, the total number of equity release plans taken out by British homeowners rose to 30,000, who borrowed a total of £1.4 billion.
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