The new equity release figures suggest rising numbers of retirees are opting to spend the wealth accumulated in their homes. While inflation at close to 3 per cent is driving up the cost of living and annuity incomes remain squeezed by rock bottom interest rates, house prices continued to rise in August, adding more than 1,000 in just a month.
Perhaps as a result of interest-only mortgages, on-going debt problems or parents trying to help their children onto the property ladder, industry figures show that equity release has become one of the UK’s fastest growing financial services, with over 800 million being lent in the final quarter of 2017 alone.
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More equity release money is going on clearing debt, latest figures suggest Retired home owners in the UK are using their housing wealth to clear debts to strengthen their finances, new equity release market figures relating to the first quarter of 2019 suggest.
Equity release adviser Equity Release Supermarket (ERS), enjoyed a record start to 2019, seeing year-on-year lending growth of 31% in Q1. Furthermore, the total number of new equity release customers increased by 32% year-on-year in Q1 2019.
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More equity release money is going on clearing debt, latest figures. equity release market figures relating to the first quarter of 2019 suggest.
THE demand for equity release is likely to continue as debt among older Britons continues to rise inexorably. Credit card debt has hit a six-year high, according to new figures from equity release provider Aviva, while overdrafts are also spiralling. Among the over-55s, credit card debt has hit a post credit-crunch peak of 1,052,
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New figures from Retirement Advantage reveal that a third of equity release customers are unlocking wealth from their properties to clear debts, alongside using the funds to make home improvements.
One in three paid off credit cards and loans and 28% cleared outstanding mortgages as total lending in the sector reached 1.18 billion including [.] The post More equity release money is going on clearing debt, latest figures suggest appeared first on PropertyWire.