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Equity release reaches a record high

marcfaubeau

A record number of older homeowners have been forced to take cash out of their properties as the cost-of-living crisis squeezes household finances. Around 23,400 over-55s withdrew £1.53bn from their homes in the first three months of the year using equity release. This is an all-time high and 21% higher than a year earlier. The average borrower withdrew £131,781 through the scheme, according to the Equity Release Council, up 6% on a year earlier at a time of surging their food, energy, broadband, mobile, water and council tax bills. The numbers asking for further advances on existing lifetime mortgages also hit an all-time high, up 1,771.£1.53bn.

Daily Express The Daily Telegraph

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