22
Jan
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.
