Equity release helps holidays and homes

Video transcript

The amount of equity release money being spent on home improvements or going on holiday increased over the first quarter of the year, according to a new survey.

Key Retirement Solutions has found that two-thirds (67 per cent) of property owners spent some or all of their released equity on making their house more appealing between January and March, while 35 per cent used at least a portion of their money on treating themselves to a break.

Both of these figures have gone up significantly from the same period last year, as has the average amount released – in 2014, this sat in excess of £61,000 (£61,230), but 12 months previously, it was below £57,000 (£56,710).

It seems as though older homeowners all over the country are releasing equity too, with the totals released increasing in 11 out of the 12 regions, while the number of equity release plans agreed went up in seven areas.

First Choice Finance can help you to find the most suitable lifetime mortgage for you from their lender panel. Lifetime mortgages are a form of equity release where you take out a mortgage on your home but do not have to pay it back until your life ends or you move into permanent care. A qualified equity release adviser will walk you through our options for you without obligation and give you a free quotation for you to consider.

Discover more about equity release opportunities through First Choice Finance by visiting firstchoicefinance.co.uk or calling 0800 298 3000 on your landline, if using a mobile then dial 0333 003 1505.

Minimum Mortgage Amount - First Choice Finance are experts at helping you find smaller mortgages with second mortgage`s available from £5,000 to first Charge mortgages starting from £15,000

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Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

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Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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