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
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Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1. Climbing from 54% in December last year and just 40% last June, raising a deposit is...
Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less? Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25%...
(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.
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