Equity release used for debt and home improvements
While some Brits may release equity in their homes to finance a bespoke conservatory or pool house, others are doing so to help relieve the burden of debt.
According to Safe Home Income Plans (Ship), the increase in the latter is a "sad reflection of the society that we are living in".
The proportion of homeowners who release equity to pay for property improvements stands at 46 per cent and remains the most popular way to use the freed up cash.
However, more than a third of equity release customers use the money to help clear their other debts, while 36 per cent use the cash to finance holidays, new Age UK figures show.
Ship director-general Andrea Rozario explained that the number of people servicing their debt in such a way is a "concern", but that for some it is the right choice.
"If they look to equity release and that is the only option that they have got to help get rid of their debt, [then] at least they know that they have still got a roof over their heads and they can have peace of mind that they have got security of tenure," she said.
Posted by Cheryl Stevenson
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