Equity release is proving an “invaluable financial planning solution” for over-55s approaching retirement as pension savings fail to cover rising costs, according to the Equity Relase Council.
The total value of equity release lending passed £1bn in the first nine months of 2014, more than the entire year’s lending totals for 2009 to 2012 and already 95 per cent of the total value of the market in 2013.
New data from The Council shows equity release lending for Q3 2014 totalled £375.5m. This is the largest amount in any single quarter since records began in 2002 as equity release continues to grow in popularity and more people look to their housing wealth when they consider their financial plans for later life.
Nigel Waterson, Chairman of the Equity Release Council commented: “The latest lending figures show We’ve seen record breaking growth this quarter as the value of lending exceeds all previous benchmarks.”
Source: The Movechannel