The Equity Release Council (“ERC” www.equityreleasecouncil.com) has just released statistics for the second quarter of this year (April to June 2022), in respect of Equity Release plans (also known as “Lifetime Mortgages”).
According to the ERC the headlines are as follows:-
● Home owners aged 55 plus took out 12,485 new Equity Release Plans during the second quarter of this year, which equates to 205 plans being agreed every working day;
● The number of new plans agreed during the period represents at a 26% increase year on year when compared with the second quarter of 2021;
● New and returning home owners withdrew 1.6 billion pounds of property wealth from their homes between April and June 2022;
● The average amount withdrawn on a new equity release plan was approximately £135,000.00;
● More new equity release home owners opted for lump sums over draw down Lifetime Mortgages, the first time that this has occurred for 13 years.
Anyone considering taking out a Lifetime Equity Release Plan should always ensure that they get proper independent financial and legal advice before entering into any agreement, preferably from professionals who are members of the ERC, so as to ensure that any plan they enter into is right for them.
If you would like to speak to someone about equity release, please contact us and John Roberts, Solicitor and Managing Director of Waldrons, specialising in Equity Release, will be happy to help.
