Over 50s 'using equity release for car purchase'

More and more over 50s are using equity release to provide the financial means to take advantage of the government car scrappage scheme, according to new research.

The report by Key Retirement Solutions has revealed that ten per cent of those who released equity from their homes between January and May have used the money to purchase a new car.

In total, the group predicts that 22 million worth of equity release will be spent by over 50s purchasing new cars this year.

Dean Mirfin, group director at Key Retirement Solutions, said: "For those who do not have the capital or income available to support a new car purchase, many see this opportunity as too good to miss, and so are looking to equity release as the solution."

The report tallies with research revealed by Experian earlier this week, which suggested that those of retirement age with healthy savings were most likely to take advantage of the scrappage scheme.

To view businesses and services in our Equity Release section click here

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