More homeowners than ever are unlocking the value in their property through equity release.
Meanwhile, lifetime mortgages, which also release a lump sum via the equity in property, are growing in popularity and were the product with the greatest percentage increase in customer numbers for the third year on the spin.
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Funding later life
The latest report from the Equity Release Council has revealed that property wealth is playing an increasingly important role in funding later life.
Its Spring 2019 Market Report shows that homeowners aged 55 and over access 50p of housing wealth for every £1 of savings withdrawn from flexible pension payments.
The biggest annual increase in new loans in the mortgage market came through lifetime mortgages for the third year running as lenders increase the number of products available to older homeowners looking to access their property wealth.
Lifetime mortgages grow in popularity
The report estimates that lifetime mortgages now account for a third of all home loans taken out by homeowners in their mid-50s and older. That’s up from less than a fifth a decade ago.
The demand for equity release has been growing across all regions of the UK with the Midlands showing the strongest recent growth. That’s been boosted by a doubling in the number of product options that meet Equity Release Council standards.
Meeting diverse needs
David Burrowes, chairman of the Equity Release Council, said: “2018 saw equity release enter the mainstream of financial services as an increasingly popular way to meet important and diverse social needs in later life.
“Flexible options to access housing wealth are helping the nation’s growing population of older homeowners to fund lifestyle purchases, satisfy daily needs, support long-term financial planning or assist their families.
“Equity release is not a ‘silver bullet’ for every retirement need, but a growing number of homeowners are finding it can be a solution to meet a range of financial goals.”
Turn to Homeward Legal
Whatever your reasons for using equity release, Homeward Legal can help you with the essential conveyancing services required. We work with expert property lawyers across England and Wales who are on all the lenders’ panels, ensuring they can work quickly on the crucial conveyancing.
You can get a competitive, no-obligation quote instantly for conveyancing services or find out about conveyancing services for equity release with our team on 0800 038 6699. Homeward Legal is open seven days, including bank holidays.