An increasing number of middle earners in the UK are turning to equity release, according to early findings from our new report.

A poll of 60 equity release customers found that more and more homeowners with an average income are applying for the schemes - a stark contrast from our last survey five years ago.

The previous study found that wealthy individuals or lower-end workers looking to pay off their mortgages were most likely to turn to equity release.

"It is no longer about going on a holiday or doing up the kitchen, it is about topping up income," said Steve Lowe, our director of external affairs, told the FT Adviser.

Early findings from our survey, which will eventually analyse the habits of 1,000 equity release customers, also revealed contrasting reasons for applying for schemes.

While those approaching retirement are simply looking to maintain their current lifestyle through equity release, respondents aged around 65 are looking for alternative retirement income following the sharp fall in annuity rates.