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Our Survey Reveals Top Reasons For Releasing Equity

A new survey by Equity Release Warehouse illustrates some of the main reasons why people are applying for equity release.

The survey reveals 39% are releasing equity in order to repay their existing mortgage.  21% said they were releasing equity in order to renovate their homes.

Interestingly, only 16% of those surveyed said they were releasing equity in order to combat the rising cost of living in the UK.

14% said they were releasing equity in order to consolidate unsecured debt.

It was also interesting to hear that people are releasing equity in order to fund holidays (10%) or buy a holiday home (5%) or to purchase a new vehicle (11%).

Tom Evans, head of customer support at Equity Release Warehouse, said: “Our customers are clearly taking out equity in order to enjoy their retirement, or to pay off an existing mortgage so that this won’t affect their ability to enjoy their retirement.”

“Equity release is also an important tool to help our customers tackle the cost-of-living crisis, and we expect more and more people to take out equity for this reason in the coming months.”

“There’s no one reason why people are taking out equity from their homes, and this shows the usefulness of equity release for those who are currently in or are planning their retirement”.

“Equity release is a lifelong decision, and we encourage our customers to consider if it is the right decision for them, and we thus refer our clients to independent financial advisors who can make sure they make the best decision for their needs.”

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