The holiday of a lifetime, paying off a mortgage, a new car… Before lockdown, equity release was often used to fund ‘once in a lifetime’ experiences.
Now, evidence suggests that customers are using equity release for different reasons.
Requests for loans to fund everyday living increased 5% during Q2 to account for 22% of all equity release requests during this period, while two-fifths of requests during Q1 and Q2 were to fund home improvements.
Meanwhile, requests for equity release to fund international travel understandably dropped off across both quarters, with holiday-related requests down 5%.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home.
Equity release is not right for everyone and may reduce the value of your estate
Catch up on our other blog posts:
Seven million people are keeping quiet about mental health issues, while nearly four million are hiding a physical health problem from their families, according to a study1. Keeping loved ones in the dark about health issues can create problems both now and in the...
The temporary raising of the nil-rate Stamp Duty band threshold to £500,000 ended on 30 June. The measure was introduced in July 2020 to maintain confidence in the housing market during the pandemic. Don’t despair if you missed the deadline, as there's now a tapered...
House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004. The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Or call —02380224925