Equity release uses
Here are the top 5 reasons* why people choose equity release:
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Home and garden improvements
The majority of Key’s customers choose an equity release scheme to spend on their home by making a few improvements. Popular choices include adding a conservatory, fitting a new kitchen, redecorating or landscaping their garden. Each of these measures can add considerable value to the home, whilst also making it easier to manage in retirement. -
Go on holiday
Many people also choose to release the equity tied up in their property to go on holiday. Your retirement is the perfect time to explore more of the world, or sometimes just more of the UK. Have a think about all those places you’ve always longed to visit… your bricks and mortar could pay for those all important tickets! Maybe you have family or friends abroad – could it be time for a visit? -
Pay debts (i.e. loans, credit cards)
A proportion of Key’s customers choose equity release schemes in order to lighten a financial burden. Monthly repayments on loans, credit cards etc. can be a huge strain on finances, and we find that many people release the cash from their home to clear these debts. Just imagine how your disposal income could increase without these monthly bills… Think carefully before securing other debts against your home. -
Treat or help family and friends
Another popular reason for releasing equity is to help or indulge family or friends. Is there a special celebration coming up in the near future where additional funds could come in handy? Perhaps a special anniversary, family wedding or the arrival of grandchildren? Many of our customers like the chance to see their loved ones enjoy their inheritance now, at a time when they may need it most. -
Clear outstanding mortgage
A further benefit to releasing equity may be the opportunity to relieve the pressure of monthly mortgage repayments. On a limited income, particularly if you only receive a state pension, regular mortgage payments can be a huge drain each month, forcing many people to cut back on other items of expenditure. As an alternative, the cash in your home could clear your mortgage, taking the strain off your retirement finances.
These are just a few of the ways people use the funds locked in their home to improve their lifestyle. How could the extra cash help you?
To find out more, why not reserve a free, no obligation initial consultation with one of our specialist equity release advisers? Request a call back from an equity release specialist who will be happy to give you more information on equity release and discuss your individual requirements.
* Key market monitor Q1 2008
