Confidence is growing among new and existing equity release customers, according to the latest figures from the Equity Release Council (ERC).
On the up
The number of equity release customers rose by 12% in Q2 20241, the ERC revealed. Total lending increased by 15% to reach £578m. There was also a quarterly and annual increase in the average loan size.
Taking control
It was revealed that over 360,000 equity release customers made voluntary penalty-free partial repayments in 2022 and 2023. This will save them almost £300m in borrowing costs over the next
20 years. The total value of voluntary repayments increased by 18% between 2022 and 2023.
Talk to us
Anyone over 55 who owns their own home has the option to release equity. It is essential to seek professional advice before taking out a lifetime mortgage. Equity release is not for everyone – we can talk you through the advantages and potential drawbacks.
Equity Release and Lifetime Mortgages will reduce the value of your estate and can affect your eligibility for means-tested tested benefits.
1ERC, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.