Home improvements and clearing mortgages top equity release uses

More than a quarter (27%) of people used wealth released from their property to make home or garden improvements in the first half of the year, according to customer data from the pension planning specialist. The same number used equity release loans to pay off an existing mortgage, it said. By comparison, less than a fifth (18%) used an equity release loan to consolidate unsecured debt. Another 14% used property wealth to contribute to daily living expenses, while 13% funded a holiday. Retirement Advantage surveyed 2065 of its customers in the first half of the year. Head of ma...