Home improvement 'the most popular reason for equity release'

A new study has claimed that people are funding home improvements through equity release Those approaching or in retirement are most likely to use equity release to fund home improvement work, a study has suggested.New research has revealed that home improvement work is the biggest reason why those approaching or in retirement choose to use equity release.
According to the study by Key Retirement Solutions, renovations remain the most popular reason to use such products, with helping out children financially now ranked in second place.

The average age of those choosing to release equity has also dropped over the second quarter of this year to 67.

Dean Mirfin, group director of Key Retirement Solutions, said demand for equity release is set to continue in the future, despite figures suggesting that the overall value of new lending through the products dropped by 41 per cent from 12 months ago.

Recent figures from Saga revealed that a quarter of over-50s tend to employ professional help when planning home improvement projects.
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Article Added: 08/07/2009 15:23:00

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