Nearly half of the over 50s (45%) say their home is in need of repairs, according to research by The Saga Equity Release Advice Service.

The most common things that need fixing are gutters (13%), although many over 50s are in need of more essential repairs – one in nine say their roof needs repairing (11%) and one in 11 say their heating is broken (9%). Furthermore, one in 14 need some electrical work carrying out (7%) and 6% say they could do with a visit from a plumber.

Short on funds

Saga estimates that 66,000 over 50s will take out a loan to pay someone to fix their heating, while almost 75,000 people will borrow money to repair a leaking roof.

Around 120,000 people aged 50 to 59 say they will take advantage of the pension freedoms and use their lump sum to fix things in and around their home, which may leave some struggling to fund their retirement.

However, around 550,000 over 50s won’t fork out for a tradesman. Around one in five say they can’t afford to pay someone to do the work needed, while the same number of people say they are going to try and fix it themselves to avoid the extra cost.

Alex Edmans, head of retirement at Saga Personal Finance, said: “Keeping on top of repairs is essential as leaving repairs for too long may exacerbate the problem and end up costing you more in the long run. If you are worrying about how to pay for the repairs it’s worthwhile exploring all your funding options as soon as possible so you can make sure the situation doesn’t get worse.”