Research from lifetime mortgage lender Pure Retirement shows a mixed picture among those who access cash releases or who apply for additional borrowing.

While home improvements have remained a constant top performer across initial advances, among the top five reasons in terms of application proportion are emergency funds and debt repayment.

Home improvements account for the most popular reason for reducing funds. Among cash releases, they account for 40% of drawdown activity, representing a 1% drop from both Q3 last year and Q2 2023.

But nearly one in ten people accessing drawdown facilities are doing so to pay for their day-to-day living expenses. This didn’t register in the top five at all this time last year.

Commenting on the latest figures Pure Retirement head of distribution Scott Burman says: “Given the recent economic landscape, it’s perhaps unsurprising to see more needs-based borrowing taking place among those accessing cash releases or requesting additional funds.

“However, the mixed picture being presented alongside more aspirational means points to the diverse customer profile that underlines the market’s development in recent years. It also points to the need for a holistic approach when it comes to product development to ensure lifetime mortgages continue to be a potential retirement avenue for as many people as possible.”