Uses of equity 'differ in the UK'
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People choose to use their equity in different ways depending on their age and where they live.
Key Retirement Solutions, a personal pension plan provider, has conducted research which reveals that the use of equity differs depending on a person's age and where they live in the UK.Equity released from property investments can be used to supplement retirement pensions, but 67 per cent of those in the 55-59 age bracket - who have yet to reach retirement age - are likely to use it to pay off their outstanding debts or mortgage.
The pension provider's survey also revealed that those who live in the north of England are more likely to use their pension to pay for home improvements than those in the south.
Dean Mirfin, Key Retirement Solutions' business development director, said: "For the many thousands in or approaching retirement, the need and desire to release equity is targeted at those outcomes which will have a dramatic, positive, effect on their standard of living."
Recent research by Saga revealed that nine out of ten pensioners would be happy to consider releasing equity from their home if it enabled them to keep living there.
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