According to Hodge, the number of customers using funds to make home improvements over 50 years old has increased by 10%.
In the third quarter of this year, the lender reports that the proportion of borrowers using its retirement interest-only (RIO) mortgages and 50+ mortgages to improve their homes has risen to 22%, compared to 12% throughout April, May and June.
Hodge also recorded that the number of people using funds to give money to a relative had dropped from 10% to 5% over the same period.
Emma Graham, Business Development Director at Hodge, said:
“It’s great to see that the 50+ mortgage remains a popular product that clients are finding useful for all sorts of financial reasons.
“The uptake in the number of customers using 50+ and our RIO products to make home improvements in the past year just goes to show how homeowners are using the funds and the flexibility of these products to improve their surroundings and make them work better for them at this stage of life.
“What is good to see from this data is that customers are using our products for different reasons at different times and stages of their lives – from family gifts when times are tight, to refurbishments when they are spending more time at home.”
At Cornerstone Finance, we can help you find the best way to fund home improvement projects.
If you’re looking to add value to your home or are simply looking for more information, our advisers can help. To speak to one of the team, give them a call on 02921 660 550 or complete our contact form.