Research from the equity release provider shows almost half (48%) of all LV= equity release customers feel they need to renovate their properties.
However customers are more likely to be widening doorways for wheelchair access or installing a stair lift than adding a conservatory or loft extension.
The figures for the year to date also reveal 15% of LV= equity release customers want to top up retirement income, with a further 9% wanting to clear an outstanding mortgage and other existing debts and loans.
Treating or helping out family also remains a common reason for choosing equity release, at 10%, whilst a holiday accounted for 6% of applications.
Vanessa Owen (pictured), head of annuities and equity release at LV=, said: “This year’s Budget announcement gives new retirees more flexibility as to how they take their pension, but they will still see their income drop when making the transition from working to retirement.
“As a result we are likely to see demand for equity release grow as those with small pots look to fund their later years. It is essential that retirees consider all their options and that equity release is considered alongside other retirement income solutions so that they are able to effectively plan for the future.”