Saga: Equity release becoming more popular

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Saga: Equity release becoming more popular

Releasing equity has become a popular way for people to improve their quality of living, according to Saga.

Of the consumers surveyed by the insurance provider, 40 per cent say they use the released funds to pay off existing debt. However, 34 per cent use it to take holidays or enjoy leisure activities.

Additionally, 20 per cent give an average of £27,000 away to their family.

Over half (52 per cent) of the homeowners over the age of 60 who generate cash through equity release use it to make home improvements, each spending an average of £11,000 on renovating their property.

Alex Edmans from Saga Personal Finance, said: "Our findings dispel the often held myth that equity release is just a last resort for cash strapped pensioners, when in fact people use the capital in their home to enjoy life, not just to get by."

For those looking to save, a Saga two-year fixed rate bond is available, offering a rate of up to 3.85 per cent AER on deposits over £30,000.

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