The number of equity release borrowers tumbled by 29% to 16,691 in the first three months of the year from 12 months ago, Equity Release Council data shows. Total lending came in at £699m in the first quarter, the lowest quarterly total since the second quarter of 2020, when withdrawals were limited to £698m due to
UK households made “an unprecedented” £23.3bn of mortgage overpayments last year, or £64m per day, as mortgage rates spiked in the wake of the mini-Budget, says the Equity Release Council. The September fiscal statement “prompted those able to do so to make lump sum payments and reduce their loan sizes to limit
Regtech and lead generation firm Contact State has joined the Equity Release Council. The firm has joined the lobby group, which says it “aims to ensure that its members are highly professional and act with integrity and transparency in offering high-quality products and services to customers”. Members of the
Homeowners took out 13,452 new equity release plans in the third quarter with total lending topping a record £1.7bn, according to the Equity Release Council. The body says this type of loan, among property owners aged 55 or over, topped 13,000 for the first time, coming in 8% higher than the previous quarter. It