Awareness of equity release is growing, according to new research from Norwich & Peterborough Building Society. Almost 50% of Norwich & Peterborough’s customers have considered taking out an equity release plan and 78% of those polled said they knew what an equity release plan was ‘ suggesting the market is set for major growth.
Adrian Mackenzie, head of regulated sales at Norwich & Peterborough, said: ‘It is becoming increasingly important to consider the future. Life expectancy is longer and people generally have a more active lifestyle too, which can put a tremendous strain on the purse strings.’
The findings from a study compiled by the lender also indicated that out of those who have considered equity release, 50% would opt for a lump sum payment plus a regular income, 32% would choose a lump sun and 18% would opt for a regular income.
A dream holiday would be the first purchase according to 37% of respondents with only 5% opting to spend it on home improvements.
