About one in three people taking out equity release use it as a means of clearing debts in retirement, an independent financial adviser has suggested.

Key Retirement Solutions asserts that, while debt in retirement can affect both quality of life and disposable income, increasing numbers are releasing the equity in their homes in order to restructure their finances.

Dean Mirfin, spokesperson for the firm, commented that such retirees are not necessarily struggling under the burden of debt, "but it clearly is impacting on their quality of life, if they're in retirement with some form of debt".

"You've got a considerable number who still have mortgages into retirement and also a lot with credit card debt and loans, which obviously impact very heavily on their income."

He advised contacting a qualified adviser to help establish the best financial solution for the individual, as well as stating that couples should communicate to ensure they are agreed on the purpose of such a transaction.

Meanwhile, Mortgage Strategy has suggested that proposals to change planning laws could impact on the equity release market.

If proposals were passed planning permission would no longer be required for small home improvements - a common reason for engaging in an equity release deal.