Monday - Thursday
9:00am - 8:00pm
Friday
9:00am - 5:30pm
Saturday
9:00am - 5:00pm
Sunday
Closed All Day
Key, Baines House,
4 Midgery Court, Fulwood,
Preston, PR2 9ZH
Swipe
| Uses of equity release | Use % |
| Home and/or Garden Improvements | 64% |
| Go on holiday | 32% |
| Pay debts (e.g. loans, credit cards) | 30% |
| Treat or help family / friends | 22% |
| Clear outstanding mortgage | 23% |
| Help with regular bills | 12% |
| Switch from an existing equity release plan | 4% |
| Top up existing plan | 1% |
| Reduce IHT Liability | 2% |
Swipe
| Debt | Total | Avg monthly repayment |
| Credit Cards | 24% | £397 |
| Loans | 22% | £300 |
| Mortgages | 45% | £412 |
| Others | 5% | £104 |
| Overdrafts | 3% | £45 |
Swipe
| Uses of equity release | 2015 | 2016 | +/- |
| Home and/or Garden Improvements | 61% | 63% | +2% |
| Pay debts (e.g. loans, credit cards) | 31% | 31% | - |
| Go on holiday | 30% | 29% | -1% |
| Treat or help family / friends | 23% | 24% | +1% |
| Clear outstanding mortgage | 24% | 22% | -2% |
| Help with regular bills | 16% | 13% | -3% |
| Switch from an existing equity release plan | 3% | 4% | +1% |
| Reduce IHT Liability | 2% | 2% | - |
| Top up existing plan | 2% | 3% | +1% |
Equity release remains an invaluable source of cash for the over-55s. A lifetime mortgage is secured against your home. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.
The data shows that our customers release tax-free cash for more than one reason. The top three are for home and/or garden improvements (63%), to pay debts (e.g. loans, credit cards) (31%) and to go on holiday (29%).*