EQUITY RELEASE IN NUMBERS
It is not surprising that we hear so much in the media about equity release. It is an increasingly popular way for people to access some of the money that is tied up in the value of their home. In fact, according to the latest figures from the Equity Release Council, the size of the equity release market has more than doubled in the last two years. Click through the picture gallery below to reveal the statistics on equity release.
Almost £10 million of housing wealth was withdrawn from UK property every day during the first quarter of 2018.
Lending totaled £870 million between January and March 2018, more than double the £394 million recorded during the same time period in 2016.
The number of customers has risen sharply from 5,175 to 10,195 over the same time frame.
Drawdown lifetime mortgages remain the most popular type of equity release, accounting for two-thirds of the total market. This type of equity release lets people withdraw limited sums but with the ability to take more out in the future. As customers only release equity when they need it they can limit the amount of interest charged. Find out more
Drawdown borrowers typically withdrew £64,797 in equity, leaving them able to take a further £38,934 in the future. This compares with £96,483 for one-off lump sum withdrawals.
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