Annual equity release lending is set to top £2bn for the first time

15th December 2016

It’s been a phenomenal and exciting year for the marketplace, says Kevin Woods

The number of people realising the value tied up in their homes has reached record levels in 2016, helped by a few different factors.

There has been increased support from the FCA, including proposals to scrap affordability checks, in moves that suggest the authority is looking at lifetime mortgages more positively and wanting to help rather than restrict their development.

These regulatory changes have been simultaneous with negative news in other areas: it’s now both harder to qualify for a full state pension and easier to run out of money before you die. In addition, the record low annuity rates and interest rates on savings mean that other sources of income are severely compromised.

2016 has also seen an acceleration in the range of equity release schemes available. Customers can choose downsizing protection; they can make monthly interest repayments; and they can include inheritance protection.

I would say that the equity release market is going from strength to strength and is now definitively established as an important consideration for anyone planning their financial future later in life. Whilst high street lenders are often unable to offer anything to borrowers over 55, lifetime mortgages are showing a positive way forward.

Why not get in touch and see how we can help?

Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back

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