Parternship’s research revealed that at least 33% received at least three quotes before committing to a lifetime mortgage.

Nearly 40% of Partnerhsip’s customers said they used the cash released from their property’s value to improve their financial situation in retirement, while 36% used it to pay off an existing mortgage. Only 24% used the money to pay for a holiday or a new car.

Ged Hosty, director of equity release at Partnership, said:

“Customers should always seek the best deal possible and the best way to do this is to get independent financial advice. We are very proud that, having taken this advice, customers choose Partnership ahead of our competitors.

“The research also shows that equity release is a financial product to address important financial needs, which underlines the importance of seeking advice from a properly qualified Independent Financial Adviser.”