Later life lending fell 6% to £504m in the first three months of the year compared to the final quarter of 2023, “as the nation waits to see what happens next with interest rates and the health of the economy,” says the Equity Release Council. The trade body adds that the sector attracted 4,698 new customers
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Last year, 26,119 customers took out new equity release plans, with drawdown plans restored as the majority preference. Across 2023, there was total lending of £2.6bn, returning the market to the level of activity last seen between 2016 to 2017 (£2.1bn to £3.1bn). This is according to newly-published full year
Later life lending falls nearly £4bn YOY to £2.6bn in 2023 – ERC mortgagesolutions.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagesolutions.co.uk Daily Mail and Mail on Sunday newspapers.