With figures for the second quarter confirming a 12% increase in equity release lending on the first three months of this year and a 39% rise on the same period for 2017 (according to the Equity Release Council)
How over-55s are cashing in £11million a day from their house value in ‘equity release’ to boost finances in later life
Homeowners aged 55 and over raised a record £1billion through equity release between July and September – £11million a day, figures show. The quarterly figure is up 24 per cent on a year ago. The money was ‘withdrawn’ from the value of homes to pay for items such as care, home improvements and helping children get on the property ladder.
Homeowners are unlocking a record £11m a day from their property and spending it on home improvements, lavish holidays and sometimes even passing it on to their loved ones, according to new figures from the Equity Release Council.
Home owners in the UK aged 55 and over are releasing the equivalent of £11 million every day from their homes, according to the latest quarterly lending figures from the Equity Release Council.
It is a fact people are living longer and many individuals are finding it more of a struggle financially.
Many people dream of buying property abroad to enjoy during their retirement, and equity release is one way to fund a house purchase overseas.
Figures from Retirement Advantage show that more and more over-55s are using equity release loans to buy new property.
There has been a rise in the number of self-employed customers using equity release, the Equity Release Supermarket has seen.
A preliminary consultation paper issued by the Prudential Regulation Authority (PRA) has raised concerns as to the capital holding requirements of companies providing equity release mortgages
An equity release consultancy says the result of its survey of estate agencies suggest an increase in interest from prospective downsizers.