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
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
9 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
9 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
The most inexpensive areas for first time buyers
22 days ago
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
Tips to help you get onto the property ladder
22 days ago
Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
Best UK Mortgage Rates this Week
18 Mar 2025
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Stamp Duty Rush as Deadline Looms
17 Mar 2025
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
More information
Trusted by
