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New cars popular choice for lifetime mortgage customers

Norwich Union Equity Release says buying a car is one of the main reasons older people take out a lifetime mortgage.

Twenty eight per cent of people releasing equity from their home are spending at least some of the money on a new car according to NU.

Director Mark Kelly says: “Having a car is the key to independence for many people. However, buying a new car can be a huge financial burden for older or retired people and we have found that many of our customers use a lifetime mortgage to buy a car that they will be able to enjoy for years.”

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