The research, carried out by equity release lender More 2 Life, revealed the extent to which homeowners are now switched on to accessing their property wealth to fund their retirement later in life.
More 2 Life said the findings of the study revealed how the pension freedoms had driven a change in attitudes. Some 41% of homeowners approaching retirement were planning to use the equity built up in their homes. Demand for more specialist borrowing products was high among those aged over 65 with 60% of homeowners in that age range calling for more choice.
Dave Harris, managing director or More 2 Life, said: “There is a very clear and growing demand to access home property wealth across the UK. There are lots of people in the UK, in middle England, whose retirement will be transformed and their tax bills potentially reduced if they looked at their pension and property assets together.”
More 2 Life’s research also uncovers a growing consumer awareness of the tax advantages offered by equity release. Just over a quarter of homeowners aged over 65 would choose to access tax-free equity in their homes before accessing retirement savings that are liable to income tax.