From updating homes to enjoying long-planned experiences, more homeowners are turning to equity release to support their later-life plans. Recent data suggests that how and why people access this wealth is continuing to evolve. 

Figures from the Equity Release Council show that borrowing rose by 10% in the second quarter of 2025 compared with the same period a year earlier¹. Equity release allows homeowners aged 55 and over to unlock some of the value held in their property, without the need to move home. 

Customer research² from the first half of 2025 highlights a notable change in priorities. Making home adaptations or improvements became the most common reason for taking out a lifetime mortgage, accounting for 43% of cases. 

Clearing an existing mortgage followed at 27%. A year earlier, these two reasons were reversed, indicating a growing focus on improving comfort and suitability of homes in later life. 

The research also shows a rise in homeowners using lifetime mortgages to help meet everyday living costs. This increased from 20% in 2024 to 27% in 2025, reflecting the ongoing pressures created by the higher cost of living for older households. 

Lifestyle spending continues to feature prominently as well. Funding holidays was cited by 25% of borrowers, while 22% used equity release to make financial gifts to family and friends. Together, these trends underline how property wealth is increasingly being used not just for financial obligations, but to enhance quality of life and support loved ones. 

¹ERC, 2025, ²Canada Life, 2025 

It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for guidance only. Some rules may vary in different parts of the UK.