The amount of equity release money being spent on home improvements or going on holiday increased over the first quarter of the year, according to a new survey.
Key Retirement Solutions has found that two-thirds (67 per cent) of property owners spent some or all of their released equity on making their house more appealing between January and March, while 35 per cent used at least a portion of their money on treating themselves to a break.
Both of these figures have gone up significantly from the same period last year, as has the average amount released – in 2014, this sat in excess of £61,000 (£61,230), but 12 months previously, it was below £57,000 (£56,710).
It seems as though older homeowners all over the country are releasing equity too, with the totals released increasing in 11 out of the 12 regions, while the number of equity release plans agreed went up in seven areas.
First Choice Finance can help you to find the most suitable lifetime mortgage for you from their lender panel. Lifetime mortgages are a form of equity release where you take out a mortgage on your home but do not have to pay it back until your life ends or you move into permanent care. A qualified equity release adviser will walk you through our options for you without obligation and give you a free quotation for you to consider.
Discover more about equity release opportunities through First Choice Finance by visiting firstchoicefinance.co.uk or calling 0800 298 3000 on your landline, if using a mobile then dial 0333 003 1505.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
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