22 Jan

Equity release used to fund home improvements

Equity release used to fund home improvements

Home refurbishments are the number one reason homeowners opt for equity release, it has been revealed.

According to a study conducted by Norwich Union, 29 per cent of those who choose to release equity from their home have done so to fund improvements to their property.

Meanwhile, 27 per cent said they had done so to improve their general standard of living, while 12 per cent said they planned to use the cash to treat their families to gifts.

Dominic Fraser-Smith, group manager for Norwich Union, said: "The findings are interesting as they show that most people are using the equity from their homes to make their lives more comfortable and maybe treat themselves to little luxuries, rather than making grand-scale purchases.

"Many customers mentioned that their plan had provided them with peace of mind, as it had made otherwise difficult purchases possible."

Other reasons cited by respondents to the poll included paying off other debts, buying a new car and paying for a holiday.


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