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Statistics: Why our customers released equity

Below are our latest statistics for the half year 1 of 2017. The figures are steady in comparison to the 2016 full year, although holiday use of equity release funds has shown a notable +3% increase in the first 6 months of 2017.
Uses of equity release 2017 (Half year)
Home and/or Garden Improvements 64%
Go on holiday 32%
Pay debts (e.g. loans, credit cards) 30%
Treat or help family / friends 22%
Clear outstanding mortgage 23%
Help with regular bills 12%
Switch from an existing equity release plan 4%
Top up existing plan 1%
Reduce IHT Liability 2%


Year on year comparison

Uses of equity release 2015 2016 +/-
Home and/or Garden Improvements 61% 63% +2%
Pay debts (e.g. loans, credit cards) 31% 31% -
Go on holiday 30% 29% -1%
Treat or help family / friends 23% 24% +1%
Clear outstanding mortgage 24% 22% -2%
Help with regular bills 16% 13% -3%
Switch from an existing equity release plan 3% 4% +1%
Reduce IHT Liability 2% 2% -
Top up existing plan 2% 3% +1%


Key facts

Equity release remains an invaluable source of cash for the over-55s. A lifetime mortgage is secured against your home.  Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.

The data shows that our customers release tax-free cash for more than one reason. The top three are for home and/or garden improvements (63%), to pay debts (e.g. loans, credit cards) (31%) and to go on holiday (29%).*

Statistics on debt repayments

Almost a third (31%) of all those who took out an equity release plan with Key said they used the cash to repay some form of outstanding debt. You should always think carefully before securing a loan against your property.
Below are some more detailed facts and figures on the types of debt and the total and monthly repayments:

Debt Total Avg monthly repayment
Credit Cards 24% £397
Loans 22% £300
Mortgages 45% £412
Others 5% £104
Overdrafts 3% £45

Paying off existing mortgages was the most common form of debt repayment, with nearly half of all those who paid off debt with equity release paying off their existing mortgage.

Credit cards and loans make up the majority of the remaining figures, with overdraft payments making up a mere 0.3%.

*Key customer data 2016

Unless you decide to go ahead, our service is completely free of charge, as our typical advice fee of 1.95% of the amount released would only be payable on completion of a plan. 

Key promise

Customer satisfaction is at the heart of everything we do; we pride ourselves on being independent, transparent, supportive and straightforward. We're passionate about helping you to make the most of your finances when you’re in or approaching retirement.

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