Equity release surge

There has been a double digit rise in the number of people releasing cash from their property through equity release, new figures have shown. According to the Equity Release Council’s spring 2019 market report, demand for equity release continued to grow across all UK regions and lifetime mortgages in particular saw a rise of 25% from 2017 to 2018.

Lifetime mortgages are now estimated to account for about a third of all mortgages taken out by homeowners from their mid-50s onward compared to less than a fifth ten years ago, according to the ERC, which based its analysis on FCA product sales data. Product innovation continued to broaden the appeal of equity release and the range of options to those wishing to unlock cash from their property doubled to 221 in the space of the past year, according to the ERC.

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