1 Oct 2025
More borrowers using equity release
Almost one in five equity release mortgages are now taken out to provide financial support for family. Those using equity release to help out family members financially has increased from 13% in 2024 to 22% in 2025, according to Canada Life.
Finance for home improvements and adaptations was actually the top reason for applicants to take out a later life mortgage in 2025, with this being the reason for 43% of applicants.
Helping loved ones has overtaken the previous reason for taking out an equity release mortgage, which was to clear mortgage debt (27%) between 2018 and 2024.
The same research showed that 27% of applicants used later life mortgages for day-to-day living costs, which is up 7% from the previous year, and 21% of applicants required emergency funds – an increase from just 9%.
Equity release is not for everyone, but if you are looking to release money from your home to help loved ones, or make changes to your home, or another reason, get in touch with the team who will help you decide if it is the right path for you: 01628 507477.
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