Tag: Equity Release
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Equity Release Usage Holds Strong in Early 2024 Despite Fewer Newcomers
In the first quarter of 2024, the UK’s equity release market showed a resilient performance with over 14,000 clients opting to unlock value from their properties, according to the latest figures from the Equity Release Council. Specifically, from January to March, a total of 14,216 customers engaged with equity release products. This is a modest…
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The Bright Future of Later-Life Lending
Equity release, once a niche financial product, has firmly established itself as a mainstream solution for later-life financial planning. This shift reflects the evolving needs and growing acceptance among homeowners, particularly those over the age of 50. As the industry continues to innovate and adapt, equity release is set to play a pivotal role in…
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Dreaming of a Sun-Drenched Holiday Home? How Can You Finance It Abroad?
In recent years, snagging a second home in a foreign country has become a trend among Brits, with approximately 40% of second homes owned by UK residents nestled overseas. Popular spots include sunny locales like Spain and France. These properties often serve as holiday homes—a trend that has remained stable since 2010. Purchasing property abroad…
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Wealthy Homeowners Leverage Property Equity for Luxuries and Loans
A recent study by lifetime mortgage lender Pure Retirement has highlighted an intriguing trend in the property market: a significant 19% of all new equity release plans in the first quarter of this year involved properties valued at over £550,000. This statistic reveals how higher-end homeowners are increasingly tapping into their property’s equity, whether for…
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More Brits Using Equity Release for Dream Holidays and Swanky Cars
Recent data from Pure Retirement for the first quarter of 2024 reveals a shift in how people are choosing to use equity release. It appears that a significant portion of new customers are now tapping into their home equity not just for necessities, but for more aspirational purposes. Specifically, 20% of new equity release customers…
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Equity Release Trends and Future Potential
Despite a challenging economic climate, the potential for growth in the equity release sector remains strong, as highlighted by the industry’s key representative, the Equity Release Council. In recent years, particularly in 2022, the sector saw a record-breaking influx with £6.2 billion released. However, 2023 witnessed a significant drop in total lending to £2.61 billion,…
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Is Equity Release the Way to Pay Off a Mortgage?
A growing number of older homeowners are finding themselves caught between the rock of mortgage repayments and the hard place of retirement savings. But is there a glimmer of hope on the horizon, in the form of equity release? Since 2021, the financial situation for those with tracker and variable mortgages has been growing increasingly…
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Breaking Down Financial Barriers – New Guide to Demystify Later Life Lending
In an effort to tackle the dense fog of financial jargon, the Equity Release Council (ERC) has joined forces with the ratings agency Fairer Finance to unveil a groundbreaking ‘jargon-free’ manual aimed at illuminating the often perplexing world of later life lending. The newly released guide aims to promote transparency and understanding of financial services,…
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Unlock Your Home’s Value While Saving Money – New Equity Release Option!
Standard Life Home Finance has introduced a new facet to its popular ‘interest reward’ equity release scheme. This latest innovation, dubbed the Horizon Interest Reward product, is designed to attract a broader audience by offering a more flexible way for homeowners to manage the financial implications of tapping into their home’s equity. A Fresh Take…
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Unlocking Cash from Your Home? New Deals Aimed at Over-50s!
Equity release lenders are rolling out innovative mortgage options specifically designed for Generation X — those of us in our 50s and early 60s. But what does this mean for homeowners looking to unlock the value tied up in their bricks and mortar? Traditionally, if you took out a lifetime mortgage — a common way…