Two thirds of over 50s have spent money on doing major work to their homes, research from Saga Personal Loans has revealed.

Typically they spend £17,000 on renovations, £5,000 on a new bathroom and £13,000 on a new kitchen.

Some like to continually revamp their homes, as one in eight refits their bathroom twice and carries out between three and six major home improvements.

Nici Audhlam-Gardiner, managing director, Saga Money, said: “We all have aspirations to maintain or improve our lifestyle as we go through life and these options should be open to people even when they stop working.

“New cars and home improvements are the key reasons people take out loans after 50, but many people are denied a loan because of arbitrary or income age limits requirements from lenders.

“As we get older our income sources become more diverse; typically we have a steady pension income and often earn further income from investment and other sources.

“Lenders have been short sighted by turning down people by looking only at earned income which is one of the reasons we launched Saga Personal Loans, to give more people access to credit they can afford in order to live the way they want to.

“Industry research also shows us that people over 55 are keen to pay off their debts as quickly as possible and as loans give them an absolute end date and the ability to overpay, they often prefer using a loan to spending on a credit card.”