Monday, August 14, 2006
Category:
Secured Loans
Research recently conducted by Norwich Union has revealed that customers taking out a Lifetime mortgage with them spend the money released on home improvements, holidays, new cars and to top up their income.
77% of people surveyed commented that they would be most interested in taking out a lifetime mortgage to fund home improvements, while holidays were the second most popular reason.
The survey showed that lifetime mortgage customers don’t take the decision to opt for this financial solution quickly. The majority of customers wait between three and twelve months before speaking to the Norwich Union or a financial advisor.
Daren Carter, Director of Sales and Marketing at Norwich Union Personal Finance commented ‘ These figures show that the majority of equity release money is needed for practical purposes.’
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Individuals looking to fund home improvements could find that a secured personal loan may be an alternative to a Lifetime mortgage. Secured personal loans can be repaid over a term to suit the borrower, usually between 5 and 25 years.
