Credit, collections & insolvency news
More than £800 billion of equity was available for release in UK homes in Q2 2022, an increase of over £25.6bn in three months and the first time it has exceeded this milestone according to the latest Halifax quarterly regional house price index and analysed by Canada Life. The figures reveal that the total amount…
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Latest quarterly figures from the Equity Release Council have found equity release lending reached a new quarterly high of £1.6 billion in Q2. The rise is the fourth consecutive quarterly period to close with record lending eith the total amount released in the first six months of 2022 surpassing £3.1 billon, a 36 per cent…
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The equity release market is heading towards £6 billion new lending this year after a record first half which saw the average customer release just over £100,000 in property wealth, new data from the UK’s leading equity release adviser Key Later Life Finance shows. The figures show that plan sales grew by 24.5% in the…
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Equity release plan sales surged by 21% as the value of equity released increased by 30% as older homeowners released an average of £111,500 in property wealth in the first three months of the year, data from equity release adviser Key Later Life Finance shows. Plan sales surged by 21.4% in the first three months…
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Pensioners have turned to their property wealth to pay for rising living costs and experts have warned rising costs and higher taxes will force even more people into using equity release this year according to the Equity Release Council’s Spring 2022 market report. British property wealth reached a record £5.2 trillion by the end of…
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New equity release customers will be able to mitigate the costs of borrowing in later life through a new product safeguard announced by the Equity Release Council (the Council), the representative industry body. From 28th March 2022, all customers taking out lifetime mortgages that meet Council standards will be guaranteed the right to make penalty…
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The equity release market is on course for a record year after customers took out £1.049 billion in property wealth in the three months to the end of September according to data from the UK’s equity release adviser Key. The total value of equity released rose by 18.8% from nearly £884 million in the third…
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New research by Canada Life has found a change in the use of equity release. Based on the company’s customer data for the first nine months of the year, it shows customers continue to use equity release to clear existing mortgages while many have also used the additional funds to purchase new property. Using equity…
Read moreHomeowners are set to access more than £4 billion of property wealth this year via equity release for the first time on record according to latest figures from the Equity Release Council. Latest analysis from the Council found that over-55 homeowners unlocked £1.15 billion of property wealth via equity release during Q3 2021, down 2%…
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