27 Aug 2024
UK mortgage holders consider equity release to support care needs in later life
According to recent findings by LV= where 4,000 UK adults were surveyed, mortgage holders said that were likely to consider equity release to free up some money to take care of expenditures in later life.
The quarterly survey found that 11% would consider equity release to release funds to support their health or care needs when they are older. Whilst 8% of those surveyed said they would use the money as a way to top up their pension, and 7% said they would use it to financially help family or friends. Another 8% said they would use the money on holidays and lifestyle improvements in their later years.
One in three UK mortgage holders reported that they would consider equity release as an alternative to selling or downsizing.
Interestingly, one in five people said they did not plan on buying their own home, for those who rent this figure was 50%, and a third of people who lived alone said they hadn’t planned on buying.
Equity release is a way of releasing tax-free funds from your home to use for whatever reason you choose be it carrying out home improvements, helping to support family, or to book a fancy holiday. It is designed to allow you to stay living in your home until you either pass away or are unable to carry on living there.
As with any type of loan, there are risks and responsibilities involved all of which should be considered carefully. At Mortgage Required we understand this and will help you decide whether it is the best option for you, and will take the process at your pace. Give our friendly team a call: 01628 507477 or visit: https://mortgagerequired.com/later-life-lending for more information.
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