“From the first six months of the year we can see that the desire to clear an existing mortgage is a strong driver to pursuing equity release.”
This was followed by raising money to pay for home improvements (38%) and supporting day-to-day living costs (20%).
Gifting to family or friends was also a popular reason, with 15% choosing to release equity for this purpose. Customers also continued to use equity release to make substantial one-off purchases such as booking a holiday (14%), buying a new property (12%), or buying a car (10%).
Alice Watson, head of marketing at Canada Life, commented: “Surging inflation and a rising cost of living is understandably encouraging many people to take stock of their wealth and where it sits. Understanding the reasons why customers seek to release equity from their homes can provide an interesting snapshot into the lifestyles and needs of…