Equity release to meet personal needs
Money released from taking out lifetime mortgage is mostly used in practical purposes like making home improvements, going out for holidays and purchasing new cars, revealed by Norwich Union.


/Gadgets News Articles/ - LONDON, UK, July 08, 2006 - Lifetime mortgage opens a great opportunity for the UK citizen to meet their important personal needs. According to Norwich Union, money released from lifetime mortgage is used for major personal needs like home renovation, new cars purchasing and enjoying holidays.

As revealed by the company, 77 per cent of the customers taking out lifetime mortgage use their extra money on home renovation. On the other hand 34 per cent of these people prefer to use the money for enjoying exotic holidays. It is also found that 26 per cent of the equity release is spent on purchasing new cars.

Director of sales and marketing at Norwich Union, Daren Carter told that the figures are clear indication of the fact that majority of the equity release is spent on meeting practical purposes. He also expressed his satisfaction that the gadget of releasing equity was helping people in large number after their retirements.

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