Equity release market rises 8% in third quarter as reported in Mortgage Strategy

Nearly £1bn was realised through equity release in the third quarter of 2019, totalling £988m according to the equity release regulatory body the Equity Release Council (ERC). This is £11m a day. 

The number of customers signing up to an equity release plan also grew with the number of new customers this year to over 33,000.

ERC chairman David Burrowes says: “The result of buying property and making mortgage payments during their working lives is that bricks and mortar become many people’s single biggest financial asset when they reach later life.”

More Choice For Consumers

Equity Release Supermarket founder and chief executive Mark Gregory adds: “We’re actually seeing a newfound interest from high-net-worth individuals and a rise in the number opting for equity release….”

“Lifetime mortgages also offer a number of features that make them an attractive borrowing option for the high net worth individual.”

These plans now have 10 times more product features than just five years ago, according to the ERC. 

More 2 life chief executive Dave Harris says: “…it will be vital for lenders to continue developing innovative solutions, so that both current and future retirees have greater choice and flexibility at their fingertips. In particular, having greater flexibility in terms of drawdown lifetime mortgages will be key for retirees who are turning to equity release to boost their daily income.”

Free Consultations at Hopkins Law

Hopkins Law are solicitor members of the ERC. Liane Farthing, a Director at the firm is well known for her experience in this specialised area of law and heads our highly regarded E-Release team in Hopkins Later Life Law Department.  If you have any questions about lifetime mortgages, Hopkins Law are offering a free 15-minute consultation with Liane at our offices in Cardiff, Cowbridge and Chepstow during November. To take advantage of this opportunity please either telephone the E-Release team on 02920349842, e-mail enquiries@hopkinslawltd.comor complete our on-line enquiry form at www.hopkinslawltd.com. If you would like Liane to discuss equity release more widely at local community groups and meetings please do get in touch.