22 Jul 2024
61% of UK homeowners are looking at equity release
The Equity Release Council has revealed that three in five (61%) UK homeowners are interested in releasing money from their property later in life for various financial needs – that is equivalent to 18.7 million people.
This figure has increased by 4% since 2021 according to the Council‘s Home Advantage study of 5,000 UK adults’ financial attitudes and experiences. The study also showed that two in five people believe it is becoming more common and acceptable to have a mortgage later on in life – this has increased from 34% since 2021.
The age at which homeowners can apply for equity release is 55. The main reasons for releasing money from their homes from those asked were as follows:
- The wish to pay for care at a home (17%)
- To give their retirement income a boost (17%)
- To pay for travel plans
The other reason that scored highly was to be able to financially support the wellbeing of younger family members, with one in seven people wanting to gift money released from their property to a family member to assist with a deposit towards their first home.
As specialists in later-life lending, we at Mortgage Required believe all options for releasing equity should be looked into. We can work with you to decide whether equity release is the right route for you. Give our friendly team a call at 01628 507477.
Source: Equity Release Council | May 2024.
Recent posts
According to the Office for National Statistics, last year (ending March 2024), there were 153,800 new homes completed in the UK. To help the housing crisis, the UK government has pledged to build 1.5 million new homes in the next five years.
Check out some of the reasons why a new-build home might be for you.
Many households are still being affected by the high cost of living, with several people worrying about how they can make ends meet on a monthly-basis. Unfortunately, the cost of bills including, water, council tax, and energy are still rising. Here are some things you can do.
The Renters’ Rights Bill represents a significant milestone designed to enhance the rights and protections of tenants in the rental market. This comprehensive bill aims to foster a more balanced and fair rental sector, ensuring that tenants can enjoy greater security and equitable treatment. It is likely to become law in late 2025.
Limited Company vs Single Name Buy to Let
21 days ago
Owning a buy-to-let property in your sole name versus through a limited company each has its own set of advantages and disadvantages.
Top 10 property price hotspots in 2024
27 days ago
Data from Rightmove shows that Sunbury-on-Thames in Surrey was the number one house price hotspot in 2024. The prices in this area climbed an impressive 12.5% - increasing from an average price of £527,005 in 2023 to £592,926 in 2024.
Buy to Let Stamp Duty Changes April 2025
29 Jan 2025
On the 31st October 2024 stamp duty for those purchasing additional properties increased by 2% from 3% to 5%.
From 1st April 2025 the threshold will be reducing from £250,000 to £125,000
Where did Londoners move to in 2024?
24 Jan 2025
Research from Metro shows that those who chose to move home didn’t actually move that far away. With a 430g pack of chicken costing on average almost double in London than the rest of the UK, it's no wonder some people are choosing a change of scenery to save a few pennies.
Reasons to get a Buy to Let Mortgage
20 Jan 2025
Following recent changes in the Buy to Let market, some investors may find this product less appealing. However, if done correctly, building a buy to let portfolio can be very profitable.
More information
Trusted by
