As a Guildford equity release specialist, we’re always happy to see positive equity release news stories find their way into the mainstream news. And, over the last year or two, there hasn’t been a shortage of them.
However, as we all know, what goes up often tends to come back down; trends and attitudes change and before you know it, what was extremely popular six months ago has been all but forgotten. Yet, when it comes to equity release mortgage applications, this doesn’t appear to be the case. In fact, quite the opposite.
The Equity Release Council (the UK body that represents equity release providers, qualified financial advisers, solicitors and intermediaries), has revealed that the number of new and returning equity release customers between January and March 2022 amounted to a quarterly high of 23,395 – up from 19,975 in the last quarter of 2021.
Not only are equity release mortgage application numbers high, so too is the amount of money ‘unlocked’ using this type of mortgage. Between the 23,395 people able to get an equity release mortgage in Q1, the total amount lent came to a staggering £1.53bn – that’s more than Antigua and Barbuda’s GDP!
So, what’s happening? Well, it seems that the most popular type of equity release mortgage is the lifetime mortgage. Not only that, but increased flexibility also appears to be a draw – a point echoed by David Burrowers, the chair of the Equity Release Council, who puts equity release’s popularity down to ‘… greater flexibility and a property market where growth has outstripped inflation, alongside an ageing population.’
There are, of course, many reasons for equity release. Flexibility is just one of them. Through releasing property wealth, equity release can be used to help people achieve a number of goals including: –
1. Paying off an existing mortgage
2. Funding home improvements
4. Boosting income
5. Enjoying retirement
If one of those reasons resonates with you and you’d like to release the equity that you’ve accrued over the years, then it might be worth exploring equity release.
It’s important that you use a reputable equity release broker that’s supported by qualified equity release mortgage advisers. We’re proud to say that we fit that description and our team of Guildford equity release advisers continues to grow. Not only that, but we’re also members of the Equity Release Council, which means that we’ve made a commitment to providing the highest standard of equity release advice in the UK.
To find out more about equity release mortgages and explore how it could perhaps support your long-term plans, contact the Complete Mortgages team on 01483 238280 or e-mail the team at info@complete-mortgages.co.uk.
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