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Norwich Union customers release mortgage for home improvements

22 April 2005
Norwich Union has revealed the top things on which customers spend their lifetime mortgage money.

Number one beyond a shadow of a doubt are home improvements, with three-quarters of Norwich Union lifetime mortgage holders choosing to spend their released money on DIY.

The second most popular spending motive was going on holiday - almost half the lifetime mortgage holders (47 per cent) spent the money released from their mortgage on taking a well-earned break.

"Research we commissioned shows that many retired people would like to improve their home but do not have the money to do so," said Mark Kelly, director of Norwich Union personal finance.

"Holidays and new cars are also important for people who want to maintain the lifestyle in retirement that they had while they were working."

Topping up income came in as the third motive (37 per cent), followed by buying a car (35 per cent), healthcare (eight per cent) and inheritance tax planning (five per cent).

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