Demand For Equity Release Continues To Grow Across The UK
According to latest figures release by the Equity Release Council in their 2019 Spring market report the popularity of equity release as a means of freeing up capital from your home continues to grow across the UK.
2018 saw the biggest annual increase in the take up of lifetime mortgages for a 3rd successive year running.
Going into 2019 the choice of options for people wishing to borrow in retirement that meet Equity Release Council standards had increased by 100%. Product options in some of the latest new products include downsize protection and the ability to make regular interest repayments.
David Burrowes, Chairman of the Equity Release Council comments: “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.
As the demand for equity release grows, so does the need for quality advice. It is vital that consumers have access to professional support that considers short and long-term needs, the broader retirement picture and the role of family in decision-making. Products recognized by the Council remain the only route which guarantees product safeguards, regulated and qualified financial advice and independent legal counsel to help identify whether they fit a customer’s later life needs.
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.”