Equity release customers increasingly opt for lifestyle spending

Pure Retirement has observed a shift in how equity release funds are being used by customers, with 20% now borrowing against their homes to finance holidays and cars.

This marks a notable rise, with holidays becoming the third most popular reason behind home improvements and paying off debts.

Paul Carter, CEO of Pure Retirement, reflects on the evolving landscape: “These latest figures highlight the way that lifetime mortgages continue to cater for a diverse range of needs and audiences, and also underlines the importance of offering both lumpsum and drawdown options, given they’re effective solutions for people for very different reasons.

“We don’t underestimate the importance of monitoring and understanding key customer trends, and look forward to continuing to use these sorts of findings to shape our product offering going forward.”