Over 50s 'using equity release for home improvements'

Over 50s are increasingly turning to equity release as a means of funding their home and garden improvement projects, according to new research.

A new review of the over 50s equity release market by Key Retirement Solutions has revealed that an estimated 540 million will be freed up by older people this year in order to finance home and garden renovations.

In addition, home improvement once again ranked as the top reason for over 50s to release equity, with 59 per cent of those taking out a plan between April and June doing so for this reason, compared to 56 per cent the previous year.

Dean Mirfin, group director for Key Retirement Solutions, said: "Pensioners play a huge part in the UK economy and as more and more look to maintain and improve their homes and gardens equity release is proving to be an ideal source of funding."

Last week, Baroness Patricia Hollis called on the government to do more to enshrine equity release as a key part of over 50s finance in the UK.

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

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