Confidence is growing among new and existing equity release customers, according to the latest figures from the Equity Release Council (ERC).

On the up

The number of new equity release customers rose by 12% in Q2 20244, the ERC revealed. Total lending increased by 15% to reach £578m. There was also a quarterly and annual increase in the average loan size.

Taking control

It was revealed that over 360,000 equity release customers made voluntary penalty-free partial repayments in 2022 and 2023. This will save them almost £300m in borrowing costs over the next 20 years. The total value of voluntary repayments increased by 18% between 2022 and 2023.

Talk to us

Anyone over 55 who owns their own home has the option to release equity. It is essential to seek professional advice before taking out a lifetime mortgage. Equity release is not for everyone – we can talk you through the advantages and potential drawbacks.

Equity Release and Lifetime Mortgages will reduce the value of your estate and can affect your eligibility for means-tested benefits.

4ERC, 2024