Here we provide an overview of the top 5 reasons our customers chose equity release in 2018.
The figures show later life homeowners were unlocking an average of £80,100 from their homes.
The top 5 ways homeowners are choosing to spend their tax free cash:
- Pay
off mortgage/other debts (46.5%) - Make
home improvements (23.3%) - Provide
financial assistance to family (11.3%) - Live
a planned retirement (8.1%) - Holiday/Car
(6%)
Paying off your mortgage
Debt in retirement is continuing to rise and according to
Prudential, nearly one in five persons are retiring with an average of £33,900
debt still to pay off. To solve this, many are turning to equity release to
help them live a debt free and comfortable retirement. In fact, it was named by
our customers as the most popular reason for releasing equity from their homes
and to help them have a stress free retirement.
Helping out your loved ones
Financial assistance for your loved ones is another popular reason
for releasing equity and we can see why. Being able to see the positive effects
an early inheritance has on your loved ones would be an invaluable experience.
Especially if customers are releasing equity to help their loved ones with
milestones moments, for example, going to university or getting onto the
property ladder.
Living a planned retirement
Having a plan for retirement is important, yet in life the
unexpected can often eat into your retirement savings. Equity release can help
to solve this by releasing cash from your home, helping you to live out
retirement the way you intended and with less worries.
Seeing the world
Have you ever dreamed of travelling the world but never
found the time or money? Retirement
could be the perfect opportunity to escape to some of the most breath taking
corners of the globe. Whether for a holiday of a lifetime, or a 3 month long
cruise, seeing the world remains a top reason for releasing some of the tax
free cash from your home.
For more information on releasing equity from your home, why not speak to one our specialists?
Just call our Freephone: 0800 411 8668
