Discover the main reasons for equity release: what are homeowners doing with their money?
Recent figures from the Equity Release Council show the equity release market has grown to be six times bigger than in 2011. But what are homeowners doing with the cash they release from their property wealth?
The average UK home has around £207,470 of equity sitting in it according to the Equity Release Council Spring Market Report 2022. It means equity release customers in the UK were able to access a staggering £4.80bn of property wealth in 2021. It’s a mind-blowing amount of money, so what are our over-55s spending their tax-free money on?
In this article we will be looking at some of the most popular reasons why people take equity release, including:
- Equity release to pay off the mortgage and other debt
- Equity release to pay off interest-only mortgages
- Equity release to pay for home improvements
- Equity release to help family
- Equity release to pay for holidays
- Equity release to buy a car
- Equity release to pay for care
- Equity release to fund cosmetic and dental work
- Equity release for more retirement income
If you’d like to explore your options for any of these or other reasons for equity release, please check your eligibility and get an indication of how much money you could release. Alternatively, talk to our friendly consultants on 0800 096 2215 or request a call back at a time that suits you.