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
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
Ways to save money over the summer holiday
6 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
Increase in zero-deposit mortgages in 2024
27 days ago
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
Average savings by age in the UK
28 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
More information
Trusted by
