Opening Hours

Open until 8:00pm Today

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH

UK FREEPHONE

0808 252 9170
Calculate now
 Home
About
Equity release statistics
Customer reasons

Uses of Equity Release

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%
The figures are steady in comparison to the 2016 full year, although holiday use of equity release funds has shown a notable +3% increase in the first 6 months of 2017.

Statistics on debt repayments

Debt Total Avg monthly repayment
Credit Cards 24% £397
Loans 22% £300
Mortgages 45% £412
Others 5% £104
Overdrafts 3% £45
Almost a third (31%) of all those who took out an equity release plan with Key said they used the cash to repay some form of outstanding debt. You should always think carefully before securing a loan against your property.

Year on year comparison

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%

Key facts

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%).*

Page last updated: Wednesday 26 June 2019